Slight improvement in bourse’s fortunes despite oil tensions

CSE operations yesterday indicated a slight improvement despite global tensions along with the oil price hike persisting, market analysts said.

The All Share Price Index closed at 21,262.13 after declining 51.79 points while S and P SL20 declined by 17.79 points.

Turnover stood at Rs 2.22 billion with three crossings. Those crossings were; LMF 10 million shares crossed to the tune of Rs 845 million, its shares traded at Rs 84, CCS 1.5 million shares crossed for Rs 179 million; its shares traded at Rs 118 and JKH 11.1 million shares crossed for Rs 138 million; its shares traded at Rs 19.30.

In the retail market top companies that mainly contributed to the turnover were; Commercial Bank Rs 111 million (545,000 shares traded), Sierra Cables Rs 73 million (2 million shares traded), JKH Rs 56 million (3.4 million shares traded), Access Engineering Rs 48 million (727,000 shares traded), Dialog Axiata Rs 45 million (973,000 shares traded), Sampath Bank Rs 42 million (299,000 shares traded) and Dipped Products Rs 41 million (693,000 shares traded). During the day 55.8 million share volumes changed hands in 11436 transactions.

It is said that banking sector counters topped the market, especially Commercial Bank, while LMF contributed more than 30 percent to the turnover. Further manufacturing sector counters, especially JKH, also significantly performed at the floor.

A mandatory offer for Industrial Asphalts (Ceylon) fell through after the Securities and Exchange Commission refused to clear a share transfer because the company had been placed on the CSE Watchlist due to non-compliance.

Yesterday the rupee was quoted at Rs 330.15/25 to the US dollar in the spot market, weaker from Rs 329.15/35 the previous day, while bond yields were quoted higher in a volatile market, dealers said.