Profit-takings slow CSE’s initial bull-run

By Hiran H. Senewiratne

The Colombo stock market kicked off on a bullish note yesterday but later slowed down somewhat due to profit takings in certain counters.However, the market was also in a mood of optimism due to positive reactions by the Chinese government to Sri Lanka’s debt restructuring exercise, analysts said.

Consequently, both indices moved in positive directions. The All Share Price Index closed up 0.09 percent, or 9.89 points, at 11,444; while the S&P SL20 Index closed up 0.53 percent, or 17.35 points, at 3,317.

Turnover was Rs. 2.9 billion. 1.3 billion of this came from trades in the banking sector. Nine crossings were note during the day.Hatton National Bank saw the most active volumes traded during the day (411mn) and the shares closed up at Rs. 180.00.

National Development Bank followed with Rs. 238mn in turnover; shares closed up at Rs. 68.00.Sampath Bank also saw high turnover (230mn), and the share closed up at Rs. 80.00.

Major contributors to the Index included Commercial Bank of Ceylon PLC (up at 97.70), JKH (up at 194.00), Melstacorp PLC (up at 88.00), and DFCC Bank (up at 76.00).

Hela Apparel Holdings saw 84 million shares change hands; the share closed up at Rs. 6.10. The company announced that it would buy 99,000 shares at 1 dollar each in a Mauritius incorporated company called Hela Brands Limited, pending approval of the Department of Foreign Exchange of the Central Bank of Sri Lanka.

After the investment, Hela Apparel will directly hold 99.9 percent in Hela Brands Limited.

Galle Face Capital Partners saw its share close up at Rs. 28.50, after it announced parent company, Ceylon Land and Equity, had purchased 3.9 billion ordinary shares, amounting to over 10 percent of the issued shares of the company.