Absence of institutional participation enervates bourse

By Hiran H.Senewiratne

Stock market trading was somewhat sluggish yesterday but buying interest has remained for the banking sector since last week. However, overall market activity has been on a declining trend in the absence of institutional participation, stock market analysts said.

Both indices moved upwards. The All- Share Price Index up by 16.7 points and S and P SL20 rose by 5.2 points. Turnover stood at Rs 572 million without any crossings.

In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 93.9 million (712,000 shares traded), JKH Rs 40.2 million (216,000 shares traded), Distilleries Rs 26 million (one million shares traded), Capital Alliance Rs 22.3 million (433,000 shares traded), Sampath Bank Rs 20.9 million (287,000 shares traded), Chevron Lubricants Rs 20.4 million (207,000 shares traded) and Dialog Rs 20.4 million (2.1 million shares traded). During the day 27.3 million share volumes changed hands in 7624 transactions.

Yesterday the US dollar buying rate was Rs 308.19 and selling rate Rs 317.82.