Manufacturing sector counters continuing to be in demand

By Hiran H.Senewiratne 

CSE market activities were bullish at the beginning  and surpassed the 7500 level but during the latter part of the day the bourse witnessed profit-taking, especially in the banking sector counters. This resulted in slowing down  market activities yesterday, stock market analysts said. Investor favourite counters, especially manufacturing sector counters, were still in high demand yesterday.

Both CSE indices moved upwards. The All Share Price Index moved up by 45.81 points and S and P SL20 went up by 19.41 points. Turnover stood at Rs. 3.6 billion with four crossings. Those crossings were reported in JKH, which crossed two million shares to the tune of Rs. 298.8 million, its shares traded at Rs. 150, Hayleys  300,000 shares crossed for Rs. 22.9 million, its shares traded at Rs. 76.50, Piramal Glass two million shares crossed for Rs. 22.4 million, its shares traded at Rs. 11.20 and HNB 156,000 shares crossed for Rs. 20.62 million, its shares trading at Rs. 132.25 each.

In the retail market, companies that mainly contributed to the turnover were; Browns Investment Rs.  645.9 million (105.5 million shares traded), Dipped Products Rs. 246 million (4.3 million shares traded), Expolanka Rs. 242.8 million (4.8 million shares traded), Hayleys Rs. 234 million (three million shares traded), LOLC Rs. 214 million (645,000 shares traded) and JKH Rs. 204 million (1.3 million shares traded).

During the day 169.24 million share volumes changed hands in 25449 transactions.

The depreciation of the rupee persisted, with yesterday’s $ exchange rate crossing the Rs. 203 mark.On March 31, the rate was Rs. 202.04. The buying rate of telegraphic transfers was Rs. 199.21.  USD/LKR rate on the more active one-week forward contracts was seen closing the day at levels of Rs. 201.00/202.50 yesterday against its previous day’s closing level of Rs. 201.50/202.50.  This had created some pressure on certain listed companies, market analysts said.