Stocks enjoy a bounce from buoyant market sentiment

By Hiran H.Senewiratne

The trading activities on the Colombo Stock Exchange (CSE) yesterday indicated a bullish trend due to positive forecasts from economic experts after a panel discussion held on the previous day with the Central Bank Governor Dr Nandala Weerasinghe.

Further, President Ranil Wickremesinghe’s positive remarks on the future growth prospects also gave an impetus to the market, stock market analysts said.

Amid those developments, the banking sector counters moved up and traded positive manner following these sentiments and also the anticipated conclusion of the external sector debt restructuring exercise, market analysts said.

In this context, both indices moved upwards. All Share Price Index up by 122 points while S and P SL20 up by 62.8 points. Turnover stood at Rs 2.5 billion with three crossings. Those crossigns were reported in Hayleys, which crossed 500,000 shares to the tune of Rs 47 million and its share price4 traded at Rs 94, CTC 21000 shares crossed to the tune of Rs 27.3 million and its share price traded at Rs 1300 and Aitken Spence 160,000 shares crossed to the tune of Rs 21.3 million and its share price traded at Rs 133.

In the retail market top seven companies that mainly contributed to the turnover were Browns Investments Rs 186 million (27.5 million shares traded), Royal Ceramic Rs 183 million (five million shares traded), NDB Rs 176 million (2.1 million shares traded), JKH Rs 164 million (793,000 shares traded), NTB Rs 132 million (one million shares traded), Sampath Bank Rs 95.5 million (1.1 million shares traded), LOLC Holdings Rs 79.2 million (159,000 shares traded). During the day 111 million share volume changed hands in 19000 transactions .

The Central Bank announced the US dollar rate. The rupee opened almost flat at Rs 298.40/80 to the US dollar from Rs 298.65/80 the previous day, dealers said. Bond yields were broadly steady, dealers said.A bond maturing on 15.12.2026 was quoted down at 10.58/65 percent from 10.60/65 percent.A bond maturing on 15.09.2027 was quoted up at 10.95/11.00 percent from 10.90/11.00 percent.A bond maturing on 15.03.2028 was quoted stable at 11.35/45 percent. A bond maturing on 15.12.2028 was quoted at 11.50/60 percent.