Stock Market starts trading week on positive note

By Hiran H.Senewiratne

Trading activities at the Colombo Stock Market yesterday bounced back following positive comments by external stakeholders that Sri Lanka has almost recovered from the economic crisis after going through a major dip, market analysts said.

Many external stakeholders including JICA representatives who visited Sri Lanka over the weekend and under Secretary for public Diplomacy and Public Affairs State Department of America Elizebeth M.Allen who was in Sri Lanka on a three day official visit told at a forum Sri Lanka has recovered faster from the economic crisis than other countries that faced a similar situation.

Further, strong quarterly earnings for the December quarter and satisfactory dividend declaration for shareholders by several sectors including banks thus created a positive sentiment for the stock market, market analysts said.

Amid those developments both indices moved upwards. All Share Price Index up by 56.94 points while S and SL20 up by 17.96. Turnover stood at Rs 719 million with two crossings. Those crossings were reported in Renuka Hotel, which crossed 536,000 shares to the tune of Rs 45.6 million and its share price traded at Rs 85 and JKH 200,000 shares crossed to the tune of Rs 38 million and its share price traded at Rs 190.

In the retail market top seven countries that mainly contributed to the turnover were JKH Rs 102 million (537,000 shares traded), Expolanka Holdings Rs 52.2 million (379,000 shares traded), Dialog Rs 43 million (4.1 million shares traded), Commercial Bank Rs 39.3 million (434,000 shares traded), Hayleys Fabrics Rs 22.2 million (552,000 shares traded) DFCC Rs 20.8 million (262,000 shares traded) and Lanka IOC Rs 19.9 million (188,000 shares traded). During the day 91.5 million share volume changed hands in 8500 transactions.

Yesterday the Central Bank announced the US dollar rate. The rupee opened at Rs 312.10/45 to the US dollar, from Rs 312.20/35 last Friday, dealers said.

Bond yields were broadly steady. A bond maturing on 01.08.2026 was quoted at 10.95/11.05 percent unchanged from Friday.A bond maturing on 15.09.2027 was quoted at 11.50/90 percent from 11.55/75 percent. A bond maturing on 15.03.2028 was quoted at 12.00/10 percent from 11.90/12.05 percent.