Lanka Milk Food shares nourish bourse into a degree of vibrancy

By Hiran H. Senewiratne

Although the stock market kicked off on a very bullish note yesterday, during the latter part of the day it slowed down, market analysts said.

Lanka Milk Food shares were in demand in considerable amounts but the reasons for the development could not be immediately ascertained. Both indices moved upwards. The All- Share Price Index went up by 38.29 points, while the S and P SL20 rose by 12.16 points. Turnover stood at Rs 1.5 billion with two crossings.

Those crossings were reported in Dankotuwa Porcelain, which crossed Rs 28 worth 5.36 million shares to the tune of Rs 150 million and DFCC Bank’s 300,000 shares crossed to the tune of Rs 20.7 million; its shares traded at Rs 69.

In the retail market top seven companies that mainly contributed to the turnover were; Lanka Milk Foods Rs 147 million (5.9 million shares traded), NTB Rs 62.2 million (618,000 shares traded), JKH Rs 55.9 million (297,000 shares traded), Vallibal Rs 53 million ( 1.8 million shares traded), NDB Rs 49 million (817,000 shares traded), Vallibal Power Rs 44.7 million (4.9 million shares traded) and Alumax Rs 42.9 million (4.6 million shares traded). During the day 73.7 million shares volumes changed hands in 14480 transactions.

Yesterday, the rupee opened stronger at Rs 307.50/90 levels from the previous day’s close of Rs 307.90/95 and moved down to 307.90/308.10 levels amid official purchases, market participants said.

The local rupee is stable amid a largely deflationary policy from the Central Bank, helped by slow private credit and improving government borrowings, which is triggering a balance of payments surplus.

Bond market yields were largely unchanged. A bond maturing on 01.02.2026 was quoted at 10.65/75, marginally up from Monday’s 10.60/75 percent. A bond maturing on 15.09.2027 was quoted at 11.90/12.00 percent unchanged from 11.90/12.05 percent.

A bond maturing on 01.07.2028 was quoted 12.15/20 from 12.15/25 percent.

A bond maturing on 15.07.2029 was quoted 12.25/40 from 12.25/35 percent.

A bond maturing on 15.05.2030 was quoted indicative at 12.25/50 from 12.25/55 percent.

A bond maturing on 01.07.2032 was quoted indicative at 12.60/90 from 12.50/13.00 percent.