CSE in bullish mode as new Opposition alliance takes shape



By Hiran H.Senewiratne


The CSE was   bullish yesterday in the wake of the news that  an agreement had been reached on the name of a possible new alliance between the Sri Lanka Freedom Party (SLFP) and Sri Lanka Podujana Peramuna (SLPP) to contest the forthcoming presidential election.


Accordingly, the mooting of the ‘Sri Lanka Nidahas Podujana Peramuna' coupled with the 15 week decline in Treasury Bill interest rates resulted in the market being bullish.


Amid those developments, both indices moved upwards, ie, the All Share Price Index by 97.42 points and S and P SL20 by 45.52 points. The day's turnover stood at Rs. 858.14 million with a single crossing. The crossing was recorded from JKH, which crossed 1.4 million shares to the tune of Rs. 203 million, per share price Rs. 145.10.


In the retail market, companies that mainly contributed to the day's turnover were; Asiri Hospital Holdings Rs. 86.3 million (42 million shares traded), HNB Rs. 61.8 million (400,000 shares traded), Sampath Bank Rs. 56.7 million (378,000 shares traded), Lank IOC Rs. 54 million (3.2 million shares traded) and Dialog Rs. 52.9 million (5.9 million shares traded). During the day 37.9 million share volumes changed hands in 7600 transactions.      


It is said that  shares ended firmer for a fifth  straight session hitting their highest close in nearly nine weeks, while the rupee edged up on banks’ dollar sales, market sources said. Hotel and travel stocks continued to gain  yesterday  continuing the momentum from Wednesday, when reports said that the industry was recovering faster than expected.


It is said that Distilleries Company of Sri Lanka PLC gained 90 cents to Rs  16.30  a share, Commercial Leasing and Finance PLC was 30 cents up at  Rs 2.90  a share and Sampath Bank PLC gained Rs 2.90 to Rs 149.90 a share, contributing to the ASPI gain. 


However, the bourse is down 10.59 percent  so far this year.  Foreigners sold on a net basis for 17 sessions in 18, bourse data showed. Last year’s daily average was Rs. 834 million.  Meanwhile, the currency closed firmer at 176.00/10 per dollar, compared to yesterday's close of 176.30/40, market sources said.


Meanwhile, JKSB adds -


ASPI: 5,508.97 (+97.42 pts; +1.80%); Val T/O: Rs. 858mn (US$4.9mn); Vol T/O: 37.9mn; Trades: 7,608


Advance/decline ratio: 177/27; Top gainer: CSF.N (+40.00%) ; Top loser: ASIR.N (-2.38%)


Highlights:


*The ASPI saw sharp gains with all sectors witnessing advances, amid moderate turnover levels. JKH, ASIR and HNB led market activity including crossings with trading in JKH amounting to 29% of total turnover.


*Diversified Holdings was the most actively traded sector (+2.12%)


*Trading was the best performing sector (+4.78%)


*Stores & Supplies was the worst performing sector (+0.00%)


 
 
 
 
 
 
 
 
 
 
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