Bourse recovers notably but turnover low

The stock market yesterday bounced back after going through a drop due to political and economic uncertainty stemming from the presidential election, stock market analysts said.

Amid those developments both indices moved upwards despite the lower turnover. All Share Price Index went up by 163.5 points while S and P SL20 rose by 68.25 points. Turnover stood at Rs 931 million with a crossing. The crossing was reported in Commercial Bank, which crossed 300,000 shares to the tune of Rs 24.6 million; its shares traded at Rs 82.

In the retail market top seven companies that mainly contributed to the turnover were; HNB Rs 169 million (1.1 million shares traded), Commercial Bank Rs 86.4 million (1 million shares traded), Sampath Bank Rs 61.2 million (852,000 shares traded), Hayleys Rs 34.3 million (380,000 shares traded), NTB Rs 28.3 million (253,000 shares traded), Browns Investments Rs 24.2 million (4.7 million shares traded) and Hayleys Fabrics Rs 24.1 million (533,000 shares traded). During the day 39.1 million share volumes changed hands in 10000 transactions.’

It is said that banking sector counters were active throughout the day and it was the main contributor to the day’s turnover. Commercial Bank with its crossing and retail trading along with HNB and Sampath Bank were the main drivers of the market. Manufacturing sector, especially Hayleys and Browns Investments, was second largest contributors to the turnover.

Yesterday, the rupee opened weaker at Rs 303.35/85 to the US dollar from Rs 302.25/80 on Friday, dealers said, while bond yields were up, as were stocks.

In the secondary market, during the ongoing Treasury bill auction, the following bonds were actively quoted; A bond maturing on 15.12.2028 was quoted at 11.55/65 percent, up from 11.45/80 percent. A bond maturing on 15.06.2029 was quoted stable at 13.70/80 percent.