Bargain-hunting peps-up share market; indices move up

By Hiran H.Senewiratne

Bargain hunters were active in the share market yesterday looking for and purchasing valued stocks at a lower rate. Consequently, the stock market began on a spirited note in an apparent rebound in investor sentiment, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 55.07 points and S and P SL20 rose by 20.88 points. Turnover stood at Rs 1.39 billion with three crossings. Those crossing were reported in LB Finance, where 4.2 million shares crossed to the tune of Rs 254 million; its shares traded at Rs 61, Colombo Fort Land 5.7 million shares crossed for Rs 171 million; its shares sold at Rs 30 and Hela Apparel 5 million shares crossed for Rs 25 million; its shares traded at Rs 5.

In the retail market top seven companies that mainly contributed to the turnover were; NTB Rs 137 million (1.26 million shares traded), JKH Rs 84.3 million (471,000 shares traded), LB Finance Rs 80.4 million (1.3 million shares traded), Expolanka Holdings Rs 63.4 million (487,000 shares traded), Grain Elevators Rs 61.9 million (364,000 shares traded) and Capital Alliance Rs 38.6 million (897,000 shares traded). During the day 45.9 million share volumes changed hands in 9635 transactions.

It is said high net worth and institutional investor participation was noted in LB Finance, NTB and Vallibel One. Mixed interest was observed in Sampath Bank, JKH and Commercial Bank, while retail interest was noted in Dialog Axiata, Hela Apparel Holdings and Industrial Asphalts.

The Banking sector was the top contributor to the market turnover (due to NTB, Sampath Bank and Commercial Bank) while the sector index gained 1.63 percent. The share price of Sampath Bank moved up while the share price of Commercial Bank appreciated.Yesterday the US dollar buying rate was Rs 307.17 and selling rate Rs 316.99.