Investor interest in banking sector counters imparts bounce to bourse

By Hiran H. Senewiratne

The stock market bounced back yesterday after an initial spell of dull trading. The reason being that local and foreign investors are showing some interest in banking sector counters, market analysts said.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 21.3 points while S and P SL20 rose by 9.6 points. Turnover stood at Rs 471 million with one crossing. The crossing was reported in Citizens Developments Business Finance, which crossed 116,000 shares to the tune of Rs 23.6 million; its shares traded at Rs 200.

In the retail market top seven companies that mainly contributed to the turnover were; Commercial Bank Rs 60.7 million (645,000 shares traded), LOLC General Insurance Rs 26 million (3.6 million shares traded), Sampath Bank Rs 20.5 million (291,000 shares traded), First Capital Holding Rs 17.5 million (623,000 shares traded), Ceylinco Insurance (non- voting) Rs 16.5 million (200,000 shares traded), Hela Apparel Rs 15.5 million (Three million shares traded) and Expolanka Holdings Rs 15.2 million (107,000 shares traded).During the day 26.6 million shares volume changed hands in 7288 transactions.

Yesterday, the US dollar buying rate was Rs 319.14 and selling rate Rs 328.87.