CSE starts off on volatile note but turns stable

By Hiran H.Senewiratne

CSE activities were volatile during early sessions yesterday but turned stable later. The market witnessed a steep decline during the last two days, moving downwards by 470 points during the last two sessions on Monday and Tuesday. It is said that from February 1st to 23rd this year CSE activities were down by 1339 points. However, selling pressure was noted on  banking sector counters, stock market analysts said. 

According to analysts the market’s recent downward trend has been disappointing. They advise investors to take advantage of the current weakness and focus on accumulating fundamentally robust and liquid stocks in high growth sectors within a long term investment horizon.

Amid those developments, both indices moved positively. All Share Price Index was up by 42.65 points and S and P SL20 up by 4.47 points. Turnover stood at Rs. 2.62 billion with three crossings. Those crossings were reported in Sampath Bank, which crossed two million shares to the tune of Rs. 206.75 million; its shares trading at Rs. 153.50, Commercial Bank’s 1.8 million shares crossed for Rs. 150.9 million, its shares traded at Rs. 85 and JKH 300,000 shares crossed for Rs. 45.5 million; its shares traded at Rs. 151.75.

In the retail market top five companies that mainly contributed to the turnover were; Expolanka Rs. 322 million (7.8 million shares traded), LOLC Rs. 249.8 million (695,000 shares traded), Commercial Bank Rs. 210.3 million (2.47 million shares traded), Dipped Products Rs. 183.5 million (3.6 million shares traded) and Royal Ceramic Rs. 139.3 million (300,000 shares traded). During the day, 75.7 million share volumes changed hands in 17717 transactions.