JKH quarterly results and clarification on polls boost bourse

By Hiran H. Senewiratne

The stock market picked up throughout yesterday due to multiple reasons. Sri Lanka’s premier listed company with the highest market capitalization, JKH’s impressive quarterly earnings, gave an impetus to the market, analysts said.

Further, President Ranil Wickramasinghe announced that the presidential election will be held this year and that money has been already allocated for that purpose at the Cabinet meeting, thus nullifying speculation about a general election.

Amid those developments both indices moved upwards. The All Share Price Index went up by 131.8 points while S and P SL20 rose by 58.9 points. Turnover stood at Rs 1.46 billion with seven crossings.

Those crossings were reported in HNB, which crossed 400,000 shares to the tune of Rs 78.4 million and its shares traded at Rs 196, JKH 250,000 shares crossed for Rs 52 million; its shares traded at Rs 208.75, Ambeon Holdings 1.9 million shares crossed to the tune of Rs 27.6 million and its shares sold at Rs. 14.50, Pan Asian Bank 1 million shares crossed for Rs 22.5 million and its shares traded at Rs 22.50, Renuka Agri Rights 4 million shares crossed for Rs 21.6 million and its shares sold 90 Cents, Ceylon Lanka and Equity 2.5 million shares crossed to the tune of Rs 2.5 million; its shares traded at Rs 8.40 and Sampath Bank 200,000 shares crossed for Rs 20.3 million and its shares traded at Rs 78.

In the retail market top six companies that mainly contributed to the turnover were HNB Rs 147 million (744,000 shares traded), NTB Rs 98.9 million (801,000 shares traded), JKH Rs 80.7 million (388,000 shares traded), Hayleys Rs 59 million (633,000 shares traded), LOLC Finance Rs 38.4 million (5.8 million shares traded) and ACL Cables Rs 35 million (407,000 shares traded). During the day 1.9 million share volumes changed hands in 11349 transactions.

During the day banking sector counters performed well and became the highest contributor to the market.

Yesterday the rupee opened broadly stable at Rs 299.70/80 to the US dollar, from Rs 299.80/95 the previous day, dealers said. Bond yields were down. A bond maturing on 15.12.2026 was quoted at 9.95/10.00 percent from 9.90/10.05 percent. A bond maturing on 15.09.2027 was quoted down at 10.30/33 percent from 10.25/40 percent. A bond maturing on 15.03.2028 was quoted at 10.55/65 percent down from 10.65/70 percent. A bond maturing on 15.05.2030 was quoted at 11.55/65 percent.