Share market gains for fifth consecutive day; profit-takings in some counters

By Hiran H.Senewiratne

Investors gradually grew in optimism, helping the stock market to gain for the fifth consecutive day yesterday but witnessed profit- takings in some counters, market analysts said.

The All- Share Price Index went down by 28.97 points while S and P SL20 declined by 1.53 points. Turnover stood at Rs 539 million with two crossings. Those crossings were reported in Renuka Holdings, which crossed 1.7 million shares to the tune of Rs 32.3 million; its shares traded at Rs 13 and Melstacope 250,000 shares crossed to the tune of Rs 20.7 million; its shares traded at Rs 81.

In the retail market, companies that mainly contributed to the turnover were; Access Engineering Rs 81.6 million (3.7 million shares traded), Chevron Lubricants Rs 23.1 million (191,000 shares traded), Sampath Bank Rs 21.6 million (280,000 shares traded), Kelani Cables Rs 21 million (276,000 shares traded), JKH Rs 20.9 million (116,000 shares traded) and ACL Cables Rs 15.7 million (183,000 shares traded). During the day 25.5 million share volumes changed hands in 6800 transactions.

High net worth and institutional investor participation was noted in Melstacorp, Access Engineering and Ceylon Tobacco Company. Mixed interest was observed in Hatton National Bank, Lanka Milk Foods and Hayleys Fabric, while retail interest was noted in Browns Investments, LOLC Finance and Waskaduwa Beach Resort.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Melstacorp and Lanka Milk Foods), while the sector index gained 0.51%. The share price of Melstacorp increased by 90 cents to reach Rs. 81.10. The share price of Lanka Milk Foods moved up by Rs. 1.30 to reach Rs. 27.50.

The Banking sector was the second highest contributor to the market turnover (due to HNB), while the sector index increased by 1.58 percent. The share price of HNB gained Rs. 2 to reach Rs. 182.

Hayleys Fabric and Access Engineering were also included among the top turnover contributors. The share price of Hayleys Fabric recorded a gain of 60 cents to reach Rs. 49.60. The share price of Access Engineering closed flat at Rs. 22.

It is said that high net worth and institutional investor participation was noted in Melstacorp, Access Engineering and CTC. Mixed interest was observed in HNB, LMF and Hayleys Fabric, while retail interest was noted in Browns Investments, LOLC Finance and Waskaduwa Beach Resort.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Melstacorp and Lanka Milk Foods) while the sector index gained. The share price of Melstacorp increased by 90 cents to reach Rs. 81.10. The share price of LMF moved up.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank), while the sector index increased.

Yesterday the rupee opened stronger at Rs 298.50/60 to the US dollar, dealers said. Bond yields were slightly down, they said, and stocks opened up 0.10 percent.

The rupee closed at Rs 298.95/299.05 to the greenback on the previous day. In the secondary market, Treasury bond yields were down, dealers said. A bond maturing on 15.12.2026 was quoted at 11.10/20 percent, up from 11.05/20 percent. A bond maturing on 15.12.2028 was quoted at 12.85/95 percent, down from 12.95/13.05 percent. A bond maturing on 15.06.2029 was quoted at 12.95/13.00 percent, down from 13.00/10 percent.