Share price appreciations in most counters as trading edges-up

By Hiran H.Senewiratne

CSE trading edged-up throughout yesterday due to speculation that the domestic debt restructuring process would have less impact on the banking sector. Due to that most counters, including those relating to banking, saw their share prices appreciate, market analysts said.

Further, policy rate cuts stimulated interest in retail, banking and diversified financial shares. These developments raised the All- Share Price Index to the 9000 level after April 27 this year, analysts said.

The ASPI rose by 196.4 points and S and P SL20 was up by 61.6 points. Turnover stood at Rs 1.16 billion with three crossings. Those three crossings were reported in Vallibel Finance, which crossed 2.8 million shares to the tune of Rs 85.4 million; its shares traded at Rs 30, Union Bank 6.6 million shares crossed to the tune of Rs 62 million and its shares fetched Rs 9.50 and CTC 55,000 shares crossed for Rs 44.4 million; its shares traded at Rs 800.

In the retail market top seven companies that mainly contributed to the turnover were; LOLC Finance Rs 139.6 million (25.7 million shares traded), JKH Rs 89.7 million (640,000 shares traded), Browns Investments Rs 83.2 million (14.9 million shares traded), CIC Holdings Rs 55.2 million (520,000 shares traded), Hayleys Rs 37.2 million (517,000 shares traded), Lanka IOC Rs 32.8 million (256,000 shares traded) and Expolanka Holdings Rs 29.2 million (224,000 shares traded). During the day 82.3 million share volumes changed hands in 15000 transactions.

Yesterday, the US dollar was at Rs 298.50/300.00, while bonds and bills were steady, dealers said. The Spot US dollar closed at Rs 296.50/298.00 on Friday.

A bond maturing on 15.09.2027 was quoted at 23.20/50 percent, steady from 23.20/35 percent a day earlier. A bond maturing on 15.05.2026 was quoted at 24.25/75 percent, down from 24.40/70 percent from yesterday.