Buying interest in banking sector counters

By Hiran H.Senewiratne 

CSE activities were a bit dull during the early session of the day but the market started picking up with an increase of buying interest in banking sector counters. Further, profit taking was also witnessed in the manufacturing sector  as well yesterday, market analysts said.

The record-setter benchmark All Share Price Index (ASPI) yesterday took a ‘breather,’ losing over 113 points or 1.4 percent but investor activity remained robust with a third day of over Rs. 10 billion turnover on the previous day. The CSE which rose to its all-time high in terms of the ASPI on Monday, saw for some a ‘welcome correction and profit taking.’  

All Share Price Index moved upwards yesterday following the fall  on the previous day. All Share Price Index went up by 75.48 points and S and P SL20 was up by 38.77 points. Amid those developments share prices in a few companies moved up in an unusual manner. 

Those companies were, Hayleys; share price  moved up by Rs. 72.25 or 14.5 percent. Its share started trading at Rs. 497.50 at the end of the day it moved up to Rs. 56.40, Seylan Bank (Voting) share price moved up by Rs. 9.40 or 20 percent. Its shares started trading at Rs. 47 and at the end of the day it moved up to Rs. 56.40 and Seylan Bank (Voting) share price moved up by Rs. 6.60 or 11 percent. Its shares started trading at Rs. 59.40 and at the end of the day it moved up to Rs. 66.

Further, CSE primer listed company JKH’s share price witnessed a fall  of its price by Rs 3.20 or 2 percent. Its shares started trading at Rs. 160.25 and at end of the day it moved down to Rs. 157. During the day turnover stood at Rs. 9.4 billion with  five crossings. Those crossings were reported in JKH, which crossed 1.15 million shares to the tune of Rs. 181.7 million and its shares traded at Rs. 158, HNB (Non Voting) 840,000 shares crossed for Rs. 100.8 million and its shares traded at Rs. 120, Seylan (Voting) 622,000 shares crossed for Rs. 37.3 million and its shares traded at Rs. 60, Access Engineering 90,000 shares crossed for Rs. 27.7 million, its shares traded at Rs. 30.80 and Dipped Products 60,000 shares crossed for Rs. 26.4 million, its shares traded at Rs. 440.

Top five contributors to the turnover were; JKH Rs.1.06 billion (6.8 million shares traded), Expolanka Rs. 667 million (13 million shares traded), Seylan Bank (Non Voting) Rs. 667 million (12.6 million shares traded), Hayleys Rs. 587 million (1.1 million shares traded) and HNB Rs. 549 million (3.9 million shares traded). During the day 285 million share volumes changed hands in 48963 transactions.

Sri Lanka’s rupee opened wide, quoted at 196.00/199.00 to the US dollar in the one month forward market with no spot or spot next quotes in early trade, while bond yields eased, dealers said. Rupee last closed around 196.00/197.00 in the spot-next market on Tuesday against the greenback.