Banking sector transactions trigger bullish spurt in stock market

By Hiran H. Senewiratne

Though it started off on a negative note yesterday the stock market picked up steam towards the latter part of the day and turned extremely bullish due to notable activities in the banking sector.

Amid those developments both indices moved upwards. The All Share Price Index went up by 114 points, while S and P SL 20 rose by 64.81 points. Turnover stood at Rs 2.1 billion with four crossings. Those crossings were reported in NTM, where 200,000 shares crossed to the tune of Rs 22 million and its shares traded at Rs 110, Pan Asia Bank 1million shares crossed for Rs 21.7 million; its shares traded at Rs 21.70, NTB 300,000 shares crossed for Rs 21.15 million; its shares sold at Rs 70.50 and JKH 102,000 shares crossed to the tune of Rs 20.1 million; its shares fetched Rs 198.

In the retail market top five companies that mainly contributed to the turnover were, Commercial Bank Rs 122 million (1.2 million shares traded), CIC Holdings Rs 107 million (1.2 million shares traded), JKH Rs 104 million (527,000 shares traded), Pan Asia Bank Rs 102 million (4.6 million shares traded) and Sampath Bank Rs 97 million (1.2 million shares traded). During the day 63.6 million share volumes changed hands in 14000 transactions.

Further, it is said that a 11.97 percent stake of Ambeon Capital was bought by ARCASIA Investments and Trading (Pvt) Ltd.

“ARCASIA Investments & Trading (Pvt) Ltd has purchased 120,000,000 shares of Ambeon Capital which amounts to 11.97 percent of the issued shares of the Company on 1st April 2024, sources said.

Early this week, Ambeon Capital, formerly Taprobane Holdings, saw a total of 274,853,407 shares changing hands for Rs 1.5 billion.

The shares were sold by Seylan Bank Plc/ARRC Capital (Pvt) Limited (Collateral) and Seylan Bank Plc/ARRC Capital (Pvt) Limited, which together disposed of 274,000,000 shares of Ambeon Capital Plc; amounting to 27.32 percent of the issued shares of Ambeon.

Yesterday the rupee opened at Rs 299.80/90 to the US dollar in the spot forex market, stronger from Rs 299.95/300.05 the previous day, dealers said, while bond yields were broadly steady.

A bond maturing on 15.12.2026 was quoted at 11.35/40 percent from 11.30/40 percent.

A bond maturing on 15.09.2027 was quoted stable at 11.90/12.00 percent.

A bond maturing on 15.12.2028 was quoted stable at 12.10/20 percent.