Transfer of JKH’s 61.9 million stocks boosts CSE turnover past Rs. 12 billion mark

By Hiran H. Senewiratne

The stock market yesterday surpassed Rs 12 billion in turnover with a great degree of retail and institutional participation. A main feature of the trading was the transferring of 61.9 million stocks in JKH, amounting to Rs 11.3 billion, market analysts said.

JKH’s transaction was equal to the company’s last/ December quarterly statement figure, which boosted the entire market performance, analysts added.

Further, market speculation that Treasury Bill yields decreased, created a bullish market sentiment for Primary dealer entities listed in the CSE. This has created a significant price appreciation, market analysts said. Capital Alliance PLC shares closed up at 48.10, and First Capital Treasuries PLC closed up 26.00. Contributors to ASPI included Richard Pieris and Company PLC (up at 21.30), Commercial Bank of Ceylon PLC (up at 89.00) and Royal Ceramics Lanka PLC (up at 29.00).

Amid those developments both indices slightly moved up. All Share Price Index went up by 2.59 points while S and P SL20 rose by 6.7 points. Turnover stood at Rs 12.2 billion with four crossings. Those crossings were reported in JKH, which crossed 62 million shares to the tune of Rs 11.3 billion; its shares traded at Rs 183, LB Finance 1 million shares crossed for Rs 61 million; its shares traded at Rs 61, Sampath Bank 300,000 shares crossed for Rs 21.6 million; its shares traded at Rs 71.90 and NDB 315,000 shares crossed to the tune of Rs 20 million; its shares sold at Rs 63.50.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 201.7 million (1.1 million shares traded), Sampath Bank Rs 63.8 million (887,000 shares traded), Capital Alliance Rs 49.5 million (1 million shares traded), First Capital Holdings Rs 48.5 million (1.6 million shares traded), Expolanka Holdings Rs 24.7 million (191,000 shares traded), Royal Ceramic Rs 24.2 million (836,000 shares traded) and Union Assurance Rs 23.7 million (571,000 shares traded). During the day 90.1million share volumes changed hands in 8000 transactions.

It is said high net worth and institutional investor participation was noted in JKH, Commercial Bank, Hela Apparel Holdings. Mixed interest was observed in Sampath Bank, Expolanka Holdings and Royal Ceramics, while retail interest was noted in Browns Investments, Lanka Milk Foods and Lanka Credit and Business Finance.

The Capital Goods sector was the top contributor to the market turnover (due to JKH), while the sector index gained 1.78 percent. The share price of JKH increased by Rs. 4 to Rs. 182.25.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank and Commercial Bank), while the sector index increased by 1.17%. The share price of Sampath Bank gained Rs. 1.10 to Rs. 72. The share price of Commercial Bank declined by 30 cents to dip to Rs. 87.70.

Yesterday the buying rate of the dollar was Rs 308.56 and selling rate Rs 318.68.