Nine crossings lend sparkle to share market; indices at their highest over past 52 trading weeks

By Hiran H.Senewiratne

Stock trading began on a negative note yesterday due to profit takings. Subsequently though, it turned extremely bullish due to positive and market- friendly speculation on the external debt restructuring exercise. This scenario positively impacted the local banking sector, which performed well on the trading floor from the beginning of the session until the end, as in the case of the previous day, market analysts said.

Both indices moved up to their highest levels after 52 trading weeks. Moreover, 148 countries’ share prices increased while only 67 counters moved downwards during the day.The All Share Price Index went up by 115.96 points while S and P SL20 rose by 53.02 points. Turnover stood at Rs 2.9 billion with nine crossings.

Those crossings were reported in Sampath Bank, which crossed 1 million shares to the tune of Rs 85.6 million; its shares traded at Rs 78.50, HNB 390,000 shares crossed for Rs 76.3 million; its shares traded at Rs 197, Lankem Development 4.5 million shares crossed for Rs 76.5 million; its shares traded at Rs 17, Sierra Cables 6.6 million shares crossed to the tune of Rs 72.6 million; its shares sold at Rs 11, Commercial Bank 500,000 shares crossed for Rs 52.5 million and its shares traded at Rs 105, LOLC Holdings 100,000 shares crossed for Rs 40 million; its share fetched Rs 400, Central Finance 287,000 shares crossed for Rs 31.9 million, its shares traded at Rs 111 , NDB 314,000 shares crossed to the tune of Rs 22.9 million; its shares fetched Rs 73and JKH 101,000 shares crossed to the tune of Rs 20.1 million, its shares traded at Rs 199.

In the retail market top five companies that mainly contributed to the turnover were; HNB Rs 578 million (2.8 million shares traded), Commercial Bank Rs 272 million (2.6 million shares traded), Pan Asian Bank Rs 108.6 million (4.8 million shares traded), Sampath Bank Rs 107.3 million (1.4 million shares traded) and Lanka IOC Rs 73.8 million (608,000 shares traded). During the day 83.1 million share volumes changed hands in 16000 transactions.

Yesterday, the rupee opened at Rs 299.35/55 to the US dollar in the spot forex market, stronger from 299.70/80 on the previous day, dealers said, while bond yields were steady. A bond maturing on 15.12.2026 was quoted stable at 11.35/45 percent. A bond maturing on 15.09.2027 was quoted at 11.90/12.00 percent from 11.95/12.00 percent. A bond maturing on 15.12.2028 was quoted stable at 12.15/25 percent.