Bourse bullish as investor hopes rise over IMF’s second tranche

By Horan H.Senewiratne

The bourse was somewhat bullish at the end of yesterday’s trading as investors expect the IMF’s second tranche to be approved by next week, market sources said.On top of that the Asian Development Bank has also approved a sum of US $ 200 million for the stabilization of the economy and also for financial sector development; thus creating a positive sentiment in the market, market sources said.

Amid those developments, both indices moved upwards. All Share Price Index was up by 80.6 points and S and P SL 20 up by 46.8 points.

Crossings were reported in Renuka Hotel, which crossed 2.76 million shares to the tune of Rs 36 million and its shares traded at Rs 13.10 and Cargills 100,000 shares crossed for Rs 35 million; its shares traded at Rs 350.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 206 million (1.49 million shares traded), Sampath Bank Rs 94 million (1.3 million shares traded), Lanka Milk Food Rs 78 million (337,000 shares traded), Lanka IOC Rs 48.5 million (460,000 shares traded), Hayley’s Rs 44 million (614,000 shares traded), JKH Rs 44 million (237,000 shares traded) and NTB Rs 38.3 million (361,000 shares traded). During the day 35 million share volumes changed hands in 9717 transactions.

It is said that institutional and retail investor participation was noted in Renuka Hotel, Expolanka and JKH. The banking sector was top contributor to the turnover along with Sampath Bank and NTB.Yesterday, the rupee opened stable at Rs 326.60/90 to the US dollar.