Crossings add vibrancy to post-holiday CSE trading

By Hiran H. Senewiratne

The CSE began trading after the Christmas holidays on a positive note yesterday mainly due to crossings. The latter boosted CSE turnover amid positive business sentiments that have come around with the holidays ending, encouraging more buying in the market, analysts said.

The market gained over 1-per cent in mid- market trade as investors entered the market again. But during the latter part of the day, profit- takings were noted in most stocks due to two major crossings, analysts explained.

Amid those developments both indices moved upwards. The All- Share Price Index was up by 72.8 points to 8,485.73, while the most liquid index gained by 18.7points. Turnover stood at Rs 1.3 billion with the two crossings. Those crossings were reported in Cargills, which crossed one million shares to the tune of Rs 250 million, its shares traded at Rs 235 and Hemas Holdings 1.6 million shares crossed to the tune of Rs 99.9 million, its share price was Rs 59.

In the retail market, top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 171 million (812,000 shares traded), Softlogic Life Insurance Rs 145 million (1.9 million shares traded), Expolanka Holdings Rs 77.5 million (422,000 shares traded), Browns Investments Rs 72.3 million (10 million shares traded), Softlogic Capital PLC Rs 57.3 million (8.2 million shares traded), Richard Pieris Rs 40.6 million (1.6 million shares traded) and LOLC Finance Rs 31.9 million (4.1 million shares traded). During the day 82.6 million share volumes changed hands in 15000 transactions.

Meanwhile, local bond yields were flat in inactive trade at market open, while the Central bank’s guidance peg for interbank transactions was steady, dealers said. A bond maturing on 15.05.2026 quoted at 31.25/50 per cent on Tuesday, down from 31.40/50 per cent at the previous close.

Market is dull due to the holiday week, a dealer said. No T-bills were quoted. Yesterday, the Central Bank- announced US dollar parity rate against the rupee was Rs 364.18.

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