Happy Vesak for stock market

Tuesday, 17 May 2011 00:00 - - {{hitsCtrl.values.hits}}

Ahead of Vesak holidays the Colombo stock market closed on a happy note with all round improvement yesterday.

The All Share Index gained by nearly 39 points or 0.5% and the Milanka Index by 47 points or 0.7%.

Turnover was a healthy Rs. 2.03 billion with foreign buying on HNB accounting for a high Rs. 529 million.

Overall the market saw Rs. 556 million net foreign inflow yesterday.Brokers said investor sentiments were positive with fresh round of buying.

“The indices edged higher with trades on banking and finance counters dominating the day’s turnover while foreign participation on HNB was evident,” John Keells Stock Brokers said.

“Indices improved supported by the price appreciations of HNB bank and John Keells Holdings and the continuation of gains of some selected stocks. Positive interim results also seem to have spurred the momentum,” NDB Stockbrokers added.

The Bank, Finance & Insurance sector was the main contributor to the market turnover (mainly due to HNB bank and Nation Lanka Finance), while the sector index increased 1.37%.

HNB bank was the main contributor to the market turnover. The share price increased by Rs. 10.10 (4.59%) and closed at Rs. 230. Foreign holding of the company increased by 2,275,300 shares whilst the crossing involved 2.04 million shares at Rs. 230 each.

The Diversified sector also contributed to the market turnover (due to John Keells Holdings). The sector index decreased 0.61%. JKH closed up 60 cents to Rs. 296.10.

Best performing sector was Motors (+8.23%) with gains by Lanka Ashok (up Rs. 999 to Rs. 5,999) and United Motors up Rs. 3.10 to Rs. 160.30 on impressive 522% increase in FY 2011 results. Worst performing sector was Stores & Supplies (-1.41%)

The market will be closed Tuesday and Wednesday on account of Vesak.