Bourse negatively impacted by HNB's Q1 profits decline

By Hiran H.Senewiratne

Leading blue-chip  entity HNB's impairment charges/provisions on bank loans that increased by 200 percent, plus a decrease in its first quarter profits by 55 percent, negatively impacted the CSE yesterday, stock market analysts said. 

It is said that HNB impairment provisions on loans  amounted to Rs. 4.2 billion  for the three months ended March 2019. This combined with the current security situation to put the stock market in a negative mode. Consequently, both indices in the stock market indicated a downward trend, ie, the All Share Price Index went down by 83.51 points and the S and P SL20  went down by 49.72 points at the end of day's trading. The day's turnover touched Rs. 574.6 million with two crossings. Those crossings came from Commercial Bank, which crossed 837,000 shares to the tune of Rs. 75.3 million, per share value Rs. 90 and JKH 500,000 shares crossed for Rs. 67.5 million , per share value Rs. 135..

In the retail market companies that mainly contributed to the day's turnover were, JKH Rs. 209.6 million (1.6 million shares traded), Commercial Bank Rs. 53.9 million (598400 shares traded), Sampath Bank Rs. 37.5 million (266.5 million shares traded), Pan Asia Bank Rs. 15.4 million (1.2 million shares traded) and East West Properties Rs. 14.6 million (827,000 shares traded). During the day 15 million share volume changed hands in 4329 transactions.  It is said that during the day 12 stocks gained and 35 declined. But Ceylon Tobacco Company was Rs.  30.00  down at Rs.  1,320.00, Hatton National Bank fell Rs. 7.00 to Rs.  150.00  and John Keells Holdings was Rs. 1.00  down at Rs. 135.00.The rupee opened weaker at 176.55/75 against the US dollar in early spot market trading Monday, while bond yields gained and stocks opened 0.51 percent lower on selling interest in Ceylon Tobacco Company, Hatton National Bank and John Keells Holdings, market participants said.The currency had been declining amid market uncertainty after a sharp gain from Wednesday's 174.90/10 rupees closing.

Meanwhile, JKSB adds -    .

ASPI: 5,223.69 (-83.51 pts; -1.57%); Val T/O: Rs. 575mn (US$3.3mn); Vol T/O: 14.9mn; Trades: 4,329

Advance/decline ratio: 35/135; Top gainer: BLUE.N (+33.33%) ; Top loser: SEMB.N (-25.00%)


=The ASPI ended sharply lower amid improved turnover levels with declines exceeding advances by more than 3 to 1. JKH, COMB, and SAMP led market activity including crossings with trading in JKH amounting to 48% of total turnover.

=Diversified Holdings was the most actively traded sector (-1.46%)

=Land & Property was the best performing sector (+0.60%), supported by gains on OSEA.N (+3.52%)

=Footwear & Textiles was the worst performing sector (-19.14%), dragged down by declines on MGT.N (-7.14%)

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