Retail market drives bourse as investor sentiment improves

By Hiran H.Senewiratne

The Central Bank’s dovish monetary policy stance has helped create a positive sentiment in the stock market. Consequently, over the last few days the share market was positive and driven mainly by the retail market, rather than institutional investors, stock market analysts said.

Amid those developments the market was driven yesterday by retail investors as well and indicated a much improved market. Both indices moved upwards. All Share Price Index went down by 30.56 points, while the S and P SL20 rose by 10.4 points. Turnover stood at Rs 703 million any crossings.

In the retail market top seven companies that mainly contributed to the turnover were; Melstacope Rs 77.8 million (840,000 shares traded), Associated Motor Finance Rs 68 million (3.3 million shares traded), JKH Rs 56.1 million (296,000 shares traded), Chevron Lubricants Rs 36.1 million (381,000 shares traded), Expolanka Holdings Rs 31.5 million (222,000 shares traded), Lanka IOC Rs 28.9 million (277,000 shares traded) and Alumex Rs 28.11 million (3.3 million shares traded). During the day 32.4 million share volumes changed hands in 9000 transactions.

Yesterday, the rupee opened at Rs 322.40/60 to the US dollar from Rs 322.45/60 the previous day, dealers said.

Bond yields were broadly stable. A bond maturing on 01.06.2025 was quoted at 13.65/75 percent from 13.50/70 percent. A bond maturing on 01.08.2026 was quoted at 13.75/80 percent. A bond maturing on 15.09.2027 was quoted at 14.12/15 percent. A bond maturing on 15.03.2028 was quoted at 14.15/18 percent from 14.15/25 percent.