Positive sentiments well- up among investors ahead of IMF review meet

By Hiran H.Senewiratne

Positive sentiments welled among local and foreign investors yesterday in the CSE in eager anticipation of positive outcomes from the upcoming IMF first review meeting and the external and internal debt restructuring exercise said to unfold in the course of this month. The market has moved to positive territory, stock market analysts said. Owing to these developments blue chip companies, mainly banking sector counters, contributed to the market.

The All- Share Price Index went up by 221.56 points and S and P SL20 rose by 80.98 points. Turnover stood at Rs 3.3 billion with three crossings. Those crossings were reported in JKH, which crossed 5.5 million shares to the tune of Rs 1 billion and its shares traded at Rs 181.25, Renuka Agri Food 56 million shares crossed for Rs 280 million; its shares traded at Rs 5 and CIC Holdings 500,000 shares crossed to the tune of Rs 35.6 million; its shares traded at Rs 71.20.

In the retail market top seven companies that mainly contributed to the turnover were Agarapathana Plantations Rs 191 million (20 million shares traded), Central Finance Rs 147 million (1.1 million shares traded), Hayley Fabrics Rs 144 million (3.1 million shares traded), Capital Alliance Rs 109.7 million (1.2 million shares traded), Aitken Spence Rs 108.5 million (723,000 shares traded), Hayley Rs 106.6 million (1.1 million shares traded) and JKH Rs 83.4 million (454,000 shares traded). During the day 136 million share volumes changed hands in 22000 transactions.

Yesterday the rupee opened at Rs 319.25/320.25 to the US dollar after closing at Rs 319.50/320.00, dealers said.

Bond yields were up. A bond maturing on 01.07.2025 was quoted up at 15.80/16.25 percent yesterday after closing at 15.70/16.30 percent on Friday.

A bond maturing on 15.05.2026 was quoted up at 15.70/85 percent after closing at 15.55/85 percent on Friday. A bond maturing on 15.09.2027 was quoted up at 14.75/15.25 after closing at 14.45/15.20 percent. A bond maturing on 01.05.2028 was quoted up at 14.80/95 percent after closing at 14.70/90 percent.