Banking sector counters show gains amid bourse’s fluctuating fortunes

By Hiran H.Senewiratne

CSE trading activities were positive at the beginning of the session and during the middle of the session strong profit- takings were noted in blue chip counters but the bourse later turned negative yesterday. However, banking sector counters gained, stock market analysts said.

Amid those developments both indices moved downwards. The All -Share Price Index went down by 163 points and S and P SL20 declined by 23.5 points. Turnover stood at Rs 8.8 billion with two crossings. Those two crossings were reported in LOLC Finance, where one million shares crossed for Rs 28 million, its shares traded at Rs 28 and Softlogic Holdings 350,000 shares crossed to the tune of Rs 21 million, its shares traded at Rs 60.

In the retail market, top seven companies that mainly contributed to the turnover were, Browns Investments Rs 1.1 billion (64 million shares traded), Sunshine Holdings Rs 824 million (2.6 million shares traded), Expolanka Holdings Rs 755 million (1.9 million shares traded), Vallibel One Rs 536 million (3.9 million shares traded), LOLC Holdings Rs 342 million (248,000 shares traded), Lanka Aluminum Rs 324 million (8.8 million shares traded) and Watawala Plantations Rs 263 million (1.4 million shares traded). During the day 362 million share volumes changed hands in 67000 transactions.

During the day, a few companies’ share prices appreciated exceptionally. Those were, Lanka Aluminum share price appreciated by 20 per cent or Rs 6.30. Its share price shot up to Rs 37.40 from Rs 31.10, Watawala Plantations share price appreciated by eight percent or Rs 30.75. Its share price shot up to Rs 183.50 from Rs 169.75 and Amana Bank share price appreciated by 80 cent or Rs 19 per cent. Its share price appreciated to Rs 5.10 from Rs 4.30.

Meanwhile, high net worth investor Dr. T. Senthilverl has increased his stake in Amana Bank PLC to 10 per cent through Senthilverl Holdings (Pvt) Ltd., likely posting himself among the top three shareholders of the Islamic bank.

Senthilverl Holdings last Friday purchased 176.84 million shares of the bank at Rs.3.80 and Rs.4.40 per share.

Prior to the purchase, Senthilverl Holdings held 92.27 million shares of Amana Bank. However, as of 30th September, Senthilverl Holdings didn’t appear among the top twenty shareholders of Amana Bank.

Yesterday the US dollar was quoted at Rs 202.05, which was the Central Bank controlled price. The actual floating rate would be Rs 250 per US dollar, market sources said.