Blue-chip and banking sector counters witness buying interest; indices rise

By Hiran H.Senewiratne

Towards the latter part of trading yesterday at the CSE buying interest was seen in blue- chip counters and in the banking sector, because concerns have been defused with regard to debt optimization and macroeconomic factors, a stock analyst said.

Consequently, both indices moved upwards. The All- Share Price Index went up by 293.1 points and S and SL20 rose by 120.2 points. Turnover stood at Rs 3.36 billion with four crossings. Those crossings were reported in NTB, which crossed 1.1 million shares to the tune of Rs 104.5 million, its shares traded at Rs 95, JKH 540,000 shares crossed for Rs 86.3 million; its shares traded at Rs 160.50, HNB 369.000 shares crossed for Rs 66.1 million and its shares fetched Rs 180 and Richard Pieris 1 million shares crossed for Rs 23.5 million; its shares sold at Rs 23.50.

In the retail market top seven companies mainly contributed to the turnover were; JKH Rs 384 million (2.3 million shares traded), NTB Rs 270 million (2.8 million shares traded), Sampath Bank Rs 262 million (3.47 million shares traded), LOLC Holdings Rs 127.5 million (259,000 shares traded), NDB Rs 120.5 million (1.6 million shares traded), Expolanka Holdings Rs 112 million (784,000 shares traded), and Vallibel One Rs 105.2 million (2.1 million shares traded). During the day 95.5 million share volumes changed hands in 24000 transactions.

It is said that high net worth and institutional investor participation was noted in Nations Trust Bank and JKH. Mixed interest was observed in NDB, Vallibel One and Hayleys, while retail interest was noted in Co-Operative Insurance Company, People’s Leasing & Finance and Kotagala Plantations.

The banking sector was the top contributor to the market turnover, (due to Nations Trust Bank and National Development Bank), while the sector index lost 0.87 percent. The share price of NTB gained by 1 rupee to reach Rs 94.40. The share price of National Development Bank moved up by 50 cents to reach Rs 73.

The Capital Goods sector was the second highest contributor to the market turnover (due to JKH and Vallibel One), while the sector index decreased by 0.70 percent. The share price of JKH decreased by 25 cents to Rs 158.75.

The share price of Vallibel One gained by 10 cents to reach Rs 48.50. People’s Leasing & Finance was also included among the top turnover contributors. The share price of People›s Leasing & Finance recorded a gain of 60 cents to reach Rs 10.80.

Yesterday, the rupee opened at 328.50/330.00 in the spot market, stronger from yesterday, dealers said, while bond yields opened marginally lower.The rupee closed at Rs 329.25/50 to the US dollar in the spot market Wednesday.

A bond maturing on 15.05.2030 quoted at 14.40/50 percent down from Wednesday’s close at 14.42/48 percent. A bond maturing on 01.05.2028 quoted at 14.70/85 percent down from yesterday’s 14.75/82 percent.