Com Bank’s Rs. 1 billion crossing lifts bourse; institutional participation notable

By Hiran H.Senewiratne

CSE shares edged up in mid-morning trade yesterday continuing the momentum from the previous day, pushed by JKH. However, Commercial Bank’s Rs 1 billion crossing was a selling by a foreign entity and institutional participation at the market became significant yesterday, stock market analysts said

Further, the market also rose on the previous day’s push by JKH, following the news that it’s launching construction work on its joint venture with India’s Adani Group to develop the West Container Terminal (WCT) of Colombo Port, market analysts said.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 29.12 points and S and P SL20 rose by 18.7 points. Turnover stood at Rs 2.3 billion with three major crossings. Those crossings were reported in Commercial Bank, which crossed 20.4 million shares to the tune of Rs 1 billion, its shares traded at Rs 50, JKH’s 3.3 million shares crossed to the tune of Rs 471 million and its shares fetched Rs 139.75 and Expolanka Holdings 200,000 shares crossed to the tune of Rs 30.4 million, its shares traded at Rs 152.

In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 139 million (810,000 shares traded), JKH Rs 86.8 million (627,000 shares traded), Agsta PLC Rs 86.6 million (4.7 million shares traded), Commercial Bank Rs 64.4 million (1.2 million shares traded), Browns Investments Rs 44.3 million (7.6 million shares traded), Expolanka Holdings Rs 43.6 million (286,000 shares traded) and Expack Corrugated Cartons Rs 30.4 million (1.3 million shares traded). During the day 66.9 million share volumes changed hands in 11366 transactions.

With the Commercial Bank’s Rs 1 billion net foreign selling the net foreign inflow dropped to Rs 16.97 billion from Rs 18 billion. Top gainers were JKH, Commercial Bank and LOLC.Yesterday the Central Bank- announced US dollar buying rate was Rs 360.96 and the selling rate Rs 371.75. The current inflation rate is 73.70 per cent.