Lanka IOC and banking sector stocks propel bourse to positive trajectory

By Hiran H.Senewiratne

While the stock market kicked off on a positive note yesterday, it subsequently slowed down but towards the latter part of the day it bounced back due to noticeable share movements on Lanka IOC and banking sector stocks, market analysts said.

During the day, LOLC Group shares were under tremendous selling pressure, which was the main reason for the market to slow down. Both indices moved upwards, though, amid a satisfactory turnover level.

The All Share Price Index went up by 31 points, while S and P SL20 moved to 14.16 points. Turnover stood at Rs 1.92 billion with three crossings. Those crossings were reported in Vallibel One, which crossed 1 million shares to the tune of Rs 50 million; its shares traded at Rs 50, HNB 205,000 shares crossed for Rs 33.9 million; its shares traded at Rs 165.50 and CIC (Non- Voting) 500,000 shares crossed for Rs 25 million and its shares sold at Rs 50.

In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 127 million (1.1 million shares traded), ACL Cables Rs 125.8 million (1.5 million shares traded), Sunshine Holdings Rs 109 million (1.8 million shares traded), Vallibel One Rs 108 million (2.2 million shares traded), Hayleys Fabrics Rs 97.2 million (2.3 million shares traded), Sampath Bank Rs 82.1 million (one million shares traded) and Royal Ceramic Rs 76.5 million (24 million shares traded). During the day 86.4 million share volumes changed hands in 17331 transactions.

Yesterday, the rupee opened at Rs 305.65/72 to the US dollar in the spot forex market, stronger from Rs 306.50/60 on the previous day, dealers said, while bond yields were steady.

A bond maturing on 15.12.2026 was quoted at 11.30/38 percent from 11.30/40 percent. A bond maturing on 15.12.2028 was quoted at 12.15/20 percent from 12.15/20 percent.