Share trading picks up lost ground as bargain hunters increase in number

By Hiran H. Senewiratne

Stock market trading picked up marginally yesterday having lost 604 index points during the first two days of the trading week. An increase in the number of bargain hunters and the news of Indian Prime Minister Narendra Modi’s upcoming visit to Sri Lanka in April, moved the market to positive territory, market analysts said.

The All Share Price Index went down by 296 points, while the S and P SL20 declined by 77.9 points. Turnover stood at Rs 5.18 billion with seven crossings. Those crossings were reported in CT Holdings, which crossed 2.1 million shares volumes to the tune of Rs 663 million and its shares traded at Rs 315, HNB 1.22 million shares crossed for Rs 378 million; its shares traded at Rs 310, NDB 1.54 million shares crossed for Rs 176 million; its shares sold at Rs 114.15, JKH 6.7 million shares crossed for Rs 140.2 million; and its shares traded at Rs 20.9, NTB 690,000 shares crossed for Rs 137 million; its shares traded at Rs 137 million, Central Finance 200,000 shares crossed for Rs 40 million; its shares traded at Rs 200 and DFCC 274,000 shares crossed for Rs 29.6 million; its shares traded at Rs 108.

In the retail market top six companies that mainly contributed to the turnover were; HNB Rs 1 billion (3.37 million shares traded), Hemas Holdings Rs 356 million (3.1 million shares traded), NTB Rs 278 million (1.4 million shares traded), Sampath Bank Rs 158 million (1.3 million shares traded), NDB Rs 156 million (1.36 million shares traded) and JKH Rs 105 million (five million shares traded). During the day 83.1 million share volumes changed hands in 16055 transactions.

It is said that the banking and financial sector was extremely active, especially HNB, NTB and NDB, while the manufacturing sector, especially JKH, was not active as usual. The services and plantation sectors were a bit active yesterday, especially during the latter part of the day.

Yesterday, the rupee was quoted at Rs 295.10/30 to the US dollar in the spot market, mostly flat from 295.18/25 Tuesday, dealers said, while bond yields were broadly steady.

A bond maturing on 15.12.2026 was quoted at 8.75/80 percent, down from 8.73/80 percent. A bond maturing on 15.09.2027 was quoted at 9.40/47 percent, up from 9.38/45 percent. A bond maturing on 01.07.2028 was quoted flat at 10.18/22 percent. A bond maturing on 15.09.2029 was quoted at 10.70/74 percent, up from 10.71/74 percent. A bond maturing on 15.10.2030 was quoted flat at 10.97/11.02 percent. An auction of Rs 167,000 million Treasury bills was ongoing.