Manufacturing sector counters feed bullish trend in bourse

By Hiran H.Senewiratne

Manufacturing sector counters dominated the stock market yesterday, especially Dipped Products and ACL Cables. Consequently, market activities were bullish throughout the day, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 126.97 points while S and P SL20 rose by 39.3 points. Turnover stood at Rs 3.2 billion with six crossings.

Those crossings were reported in Agarapathana Plantations, where 10 million shares crossed to the tune of Rs 90 million; its shares traded at Rs 9, HNB 362,000 shares crossed for Rs 85.2 million; its shares traded at Rs 235, Keells Hotels 1.5 million shares crossed for Rs 28.5 million; its shares sold at Rs 18, Vallibel One 500,000 shares crossed for Rs 27.7 million; its shares traded at Rs 55.5, Dipped Products 605,000 shares crossed for Rs 27.5 million; its shares traded at Rs 45.50 and CIC Holdings 250,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 80.

In the retail market top six companies that mainly contributed to the turnover were; Agarapathana Plantations Rs 311 million (34.5 million shares traded), Dipped Products Rs 152 million (3.3 million shares traded), Central Finance Rs 105 million (790,000 shares traded), ACL Cables Rs 81.1 million (828,000 shares traded), HNB Rs 80.9 million (344,000 shares traded) and JKH Rs 76.3 million (3.8 million shares traded). During the day 156 million share volumes changed hands in 24000 transactions.

It is said that the Plantations sector also drove the market while the manufacturing sector was active and vibrant, especially due to Dipped Products. Further banking sectors were also active due to positive quarterly results being anticipated.

Yesterday the rupee opened marginally stronger at Rs 290.60/65 to the US dollar from Rs 290.65/70 to the US dollar the previous day, dealers said, while bond yields were steady.

A bond maturing on 15.12.2026 was quoted at 9.40/50 percent, up from 9.35/45 percent. A bond maturing on 15.12.2027 was quoted at 10.25/35 percent. A bond maturing on 15.03.2028 was quoted at 10.48/50 percent. A bond maturing on 15.09.2029 was quoted stable at 10.85/90 percent.