Bargain hunters trigger off bullish trend in bourse

By Hiran H. Senewiratne

The stock market yesterday kicked off on a negative note but ended up being bullish following the entry of bargain hunters to the market, analysts said.Some low prices prevailed in upend stocks, enabling bargain hunters to take the opportunity to purchase them, market analysts said.Amid those developments both indices showed mixed reactions. The All Share Price Index went up by 14.12 points while S and P SL 20 declined by 6.78 points.

Turnover stood at Rs 2.5 billion with three crossings. Those crossings were reported in JKH, which crossed 250,000 shares to the tune of Rs Rs 51.25 million; its shares traded at Rs 205, LB Finance 575,000 shares crossed for Rs 41.4 million; its shares traded at Rs 72 and Ceylon Cold Stores 350,000 shares crossed for Rs 22.75 million; its shares fetched Rs 65.

In the retail market top seven companies that mainly contributed to the turnover were; Central Finance Rs 149 million (16 million shares traded), Ceylon Cold Stores Rs 135.5 million (2.1 million shares traded), RIL Properties Rs 133.2 million (16.4 million shares traded), JKH Rs 123 million (598,000 shares traded) Royal Ceramic Rs 108.5 million (3.1 million shares traded), LB Finance Rs 101 million (1.4 million shares traded) and Avatar Rs 74.6 million (8.1 million shares traded).During the day 147 million share volumes changed hands in 20000 transactions.

Yesterday the rupee opened at Rs 296.75/297.25 to the US dollar from Rs 296.80/297.10 the previous day, dealers said.Bond yields were down, dealers said.

A bond maturing on 15.12.2026 was quoted down at 10.65/70 percent from 10.75/85 percent. A bond maturing on 15.09.2027 was quoted stable at 11.10/20 percent. A bond maturing on 15.03.2028 was quoted down at 11.40/50 percent from 11.50/60 percent.