Kaspersky is expanding its business operations to Sri Lanka – the island

By Hiran H. Senewiratne

The stock market was extremely bullish yesterday as three macroeconomic pillars, namely the exchange rate, market interest rate and inflation, prove to be conducive to stock market development, market analysts opined.

Both indices rose. The All Share Price Index rose 128.88 points, while the S and P SL20 rose 49.65 points.

The turnover was Rs 4.1 billion with five crossings. These excesses were reported in Hayleys, which exceeded 3.8 million shares amounting to Rs 317 million; its shares traded at Rs 83, JKH1 million shares crossed for Rs 218 million and its shares sold at Rs 218.50, People’s Leasing and Finance 9 million shares crossed for Rs 109.8 million; its shares traded at Rs 12.20, CCS 1 million shares crossed for Rs 57 million and its shares sold at Rs 57 and Hemas Holdings 400,000 shares crossed for an amount of Rs 34.4 million; the shares fetched Rs 86.

In the retail market, the seven top companies that mainly contributed to sales were; Browns Investments Rs 355 million (54.6 million shares traded), Hemas Holdings Rs 236 million (2.7 million shares traded), Lanka IOC Rs 236 million (1.8 million shares traded), Hayleys Rs 191 million (2.2 million shares traded), JKH Rs 170 million (818,000 shares traded), LOLC Finance Rs 162 million (22.3 million shares traded) and Sampath Bank Rs 125 million (1.5 million shares traded). During the day, 198 million share volumes changed hands in 24,000 trades.

It is said that there was high net worth and institutional investor participation in Pan Asia Banking Corporation, Commercial Bank and Melstacorp. Mixed interest was seen at Browns Investments, LOLC Finance and Singer Sri Lanka, while private interest was noted at Amana Bank, Beruwala Resorts and Renuka Agri Foods. Foreign participation in market activity remained at a moderate level, with foreigners joining as net sellers.

The banking sector was the largest contributor to market turnover (thanks to Commercial Bank and Pan Asia Banking Corporation), while the sector index rose by 3.48%. Commercial Bank’s share price rose. The share price of Pan Asia Banking Corporation registered a gain of Rs. 1.60 to reach Rs. 24.10.

The Food, Beverage & Tobacco sector made the second highest contribution to market turnover (thanks to Browns Investments), while the sector index rose by 0.47 percent. The share price of Browns Investments closed flat at Rs. 6.20.

Yesterday, the rupee opened stronger at Rs 296.10/20 against the US dollar after closing at Rs 296.85/297.00 the previous day, dealers said, while bond yields fell.

A bond maturing on 15.12.2026 was quoted at 11.28/35 percent, compared to 11.28/32 percent. A bond due September 15, 2027 was quoted at 11.70/75 percent, up from 11.70/80 percent. A bond maturing on 15.12.2028 was quoted at 12.10/20 percent.