Positive sentiments on banking sector consolidation lift share market

By Hiran H.Senewiratne

CSE trading started off on a negative note yesterday but later during the middle of the session the investor sentiment improved and became more positive due to the Central Bank Governor Dr. Nandalal Weersasinghe’s positive comments on the economy and his elaborations on the importance of banking sector consolidation, market analysts said.

Both indices moved upwards. The All- Share Price Index went up by 79.7 points and S and P SL20 rose by 25.2 points. Turnover stood at Rs 3.29 billion with six crossings.

Those crossings were reported in DFCC, which crossed 2.5 million shares crossed to the tune of Rs 262 million, its shares traded at Rs 75, Dankotuwa Porcelain 5 million shares crossed for Rs 130.5 million, its shares traded at Rs 26.10, Cargills 400,000 shares crossed for Rs 119.2 million; its shares traded at Rs 298, CIC 1 million shares crossed for Rs 75 million and its shares fetched Rs 75, JKH 400,000 shares crossed for Rs 63.6 million; its shares traded at Rs 159 and Renuka Holdings 3 million shares for Rs 27 million and its shares traded at Rs 9.

In the retail market, the top seven companies that mainly contributed to the turnover were; Sampath Bank Rs 334 million (4.5 million shares traded), CIC Holdings (Non- Voting) Rs 157 million (2.68 million shares traded), JKH Rs 139.7 million (879,000 shares traded ), CIC Holdings (Voting) Rs 124 million (1.6 million shares traded), Lanka IOC Rs 98 million (667,000 shares traded), DFCC Rs 93.9 million (1.2 million shares traded) and First Capital Treasuries Rs 71.2 million (1.8 million shares traded). During the day 117.4 million share volumes changed hands in 25,000 transactions.Yesterday the Central Bank’s US dollar buying rate was Rs 318.72 and selling rate Rs 331.98. .