LOLC’s dominance of share market has resuscitating impact on manufacturing counters

By Hiran H.Senewiratne

The overall stock market performance was positive yesterday with the LOLC Group of companies driving the market and giving a boost to manufacturing sector counters.

However, banking sector counters witnessed some selling pressure following the government decision to

Halt parate executions until the end of the year, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 125 points while S and P SL20 rose by 49.4 points. Turnover stood at Rs 1.71 billion with two crossings. Those crossings were reported in Royal Ceramic, which crossed 1 million shares at Rs 30.50 per share and NTB 250,000 shares crossed for Rs 25 million; its shares traded at Rs 100.

In the retail market top seven companies that mainly contributed to the turnover were; Royal Ceramic Rs 156 million (4.9 million shares traded), LOLC Rs 118 million (320,000 shares traded), Browns Investment Rs 112.2 million (23.4 million shares traded), LMF Rs 90.2 million (3.7 million shares traded), NTB Rs 88 million (886,000 shares traded), LOLC Finance Rs 80.6 million (17.4 million shares traded) and JKH Rs 68 million (361,000 shares traded). During the day 94.6 million share volumes changed hands in 17875 transactions.

Yesterday, rupee opened at Rs 308.20/50 to the US dollar from 308.80/90 on Friday, dealers said.

Bond yields were broadly steady.

A bond maturing on 01.08.2026 was quoted stable at 10.90/11.00 percent. A bond maturing on 15.09.2027 was quoted at 11.90/12.00 percent from 11.90/12.05 percent. A bond maturing on 01.07.2028 was quoted at 12.20/30 percent from 12.15/35 percent.