Stock market rejuvenated by investor optimism over upcoming budget

By Hiran H.Senewiratne

The stock exchange bounced back yesterday due to positive hopes in the forthcoming budget among investors and a strong and conducive environment for the market to perform reasonably well, market analysts said.

Amid those developments both indices moved upwards. The All Share Price Index went up by 358.4 points while S and P SL20 rose by 92.9 points. Turnover stood at Rs 4.8 billion with eight crossings.

Those crossings were reported in Lion Brewery, which crossed 127,000 shares to the tune of Rs 159 million; its shares traded at Rs 1250, Ambion Capital three million shares crossed to the tune of Rs 90 million; its shares sold at Rs 30, Ceylinco Insurance 23000 shares crossed for Rs 76 million; its shares traded at Rs 3300, HNB 200,000 shares crossed to the tune of Rs 55.6 million; its shares sold at Rs 328, Hayleys 400,000 shares crossed for Rs 56 million; its shares traded at Rs 140, Melstacope 200,000 shares crossed to the tune of Rs 26.3 million; its shares fetched Rs 131.50, Hemas Holdings 200,000 shares crossed for of Rs 23.35 million; its shares sold traded at Rs 116.75 and Central Finance 100,000 shares crossed for Rs 21.75 million; its shares fetched Rs 217.50.

In the retail market top six companies that mainly contributed to the turnover were: HNB Rs 482 million (1.5 million shares traded), RIL Properties Rs 319.6 million (90.4 million shares traded), Hemas Holdings Rs 164 million (1.4 million shares traded), Melstacope Rs 152 million (1.16 million share traded), JKH Rs 150 million (6.5 million shares traded) and LOLC Holdings Rs 148 million (214,000 shares traded). During the day 139 million share volumes changed hands in 26000 transactions.

It is said that Ceylinco Insurance and Melstacope were the top contributors to the All Share Price Index. Blue Chip counters were active in the market. The banking and financial sector and manufacturing sector were the main contributors to the turnover.

Yesterday the rupee was quoted at Rs 295.20/50 to the US dollar in the spot market, stronger from the previous day’s close of 295.90/296.20, dealers said, while bond yields were broadly steady.

A bond maturing on 15.02.2028 was quoted at 10.08/10 percent, from 10.07/12 percent. A bond maturing on 01.05.2028 was quoted at 10.18/22 percent. A bond maturing on 15.10.2028 was quoted at 10.36/38 percent, down from 10.38/40 percent. A bond maturing on 15.10.2030 was quoted at 11.20/25 percent, up from 11.18/23 percent.

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