JKH and Expolanka Holdings drive share market on an otherwise dull day

By Hiran H.Senewiratne

Stock market activities were sluggish throughout yesterday but two major blue- chip companies, JKH and Expolanka Holdings, drove the market considerably.However, banking stocks which were the most sought after over the last few weeks, noted some selling pressure, and that trend shifted to a few blue- chips during the day, market analysts said.

Amid those developments both indices moved slightly upwards. All Share Price Index went up by 6 points while the S and P SL-20 rose by 0.22 points.

Turnover stood at Rs 1.47 billion with three crossings. Those crossings were reported in JKH, which crossed 2.27 million shares to the tune of Rs 440 million; its shares traded at Rs 194, Expolanka Holdings 485,000 shares crossed for Rs 67.3 million; its shares sold at Rs 140 and LB Finance crossed 930,000 shares to the tune of Rs 56.7 million.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 135 million (966,000 shares traded), JKH Rs 132 million (680,000 shares traded), Lanka IOC Rs 85 million (809,000 shares traded), NTB Rs 60 million (574,000 shares traded), Lanka Milk Food Rs 60 million (2.4 million shares traded), Distilleries Rs 37.5 million (1.4 million shares traded) and Haycarb Rs 28.2 million (392,000 shares traded). During the day 31 million share volumes changed hands in 7789 transactions.

During the day, JKH crossings and retail market trading contributed more than 30 percent to the turnover, while Expolanka Holdings’ share price significantly appreciated. Its share price moved up to Rs 8 or six percent. Its share price rose to Rs 143.50 from Rs 135.50.

Seylan Bank said it was planning to raise up to Rs 10 billion through a Basel III compliant debenture sale. Subject to the approval of the shareholders, the bank will issue 100,000,000 Tier II listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at Rs. 100 each, to raise Rs. 10 billion.

“One hundred million (100,000,000) debentures will be issued in one or more issuances until 31st December 2024, the bank said.

“The size, tenure/maturity period (minimum five years), coupon rate/s, frequency of coupon/s etc as determined by the Board will be notified prior to the opening of each issue.”

Yesterday the rupee opened at Rs 311.10/20 to the US dollar, from Rs 311.30/50 on Wednesday, dealers said.

Bond yields were broadly steady. A bond maturing on 01.08.2026 was quoted at 10.80/11.00 percent. A bond maturing on 15.09.2027 was quoted at 11.95/12.05 percent from 12.05/15 percent. A bond maturing on 01.07.2028 was quoted at 12.20/25 percent.