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February 19, 2020,
By Hiran H. Senewiratne
Stockbrokers are expecting a few large transactions to occur in the CSE that would boost the stock market, which in turn would pep-up retail market activities significantly, Head of Sales and Marketing, Softlogic Stockbrokers Eardly Kern said.
" Corporate earnings, stemming from the government's stimulus package, are likely to rise after the first quarter results. Against this backdrop, Pan Asia Bank's, National Development Bank's and several companies' quarterly results became positive. These developments have brought some positive sentiments to the market, Kern told The Island Financial Review. He said that the market turnover is a bit small but it would normalize after the general election.
Amid those developments the market recorded a very low turnover yesterday of Rs. 188.1 million without a single crossing. But both indices moved upwards, ie, the All Share Price Index went up by 16.82 points and S and P SL20 rose by 23.45 points.
In the retail market, companies that mainly contributed to the day's turnover were; HNB Rs. 38 million (242,000 shares traded), Sampath Bank Rs. 30.8 million (183,000 shares traded), Access Engineering Rs. 19.1 million (912,000 shares traded), Browns Investments Rs. 10.4 million (two million shares traded) and Seylan Bank Rs. 7.8 million (163,000 shares traded). During the day 11 million share volumes changed hands in 4381 transactions.
JKH stocks contributed most to the ASPI, gaining Rs. 1.70 or 1.09 percent to Rs. 157.00 a share, National Development Bank shares gained Rs. 3.70 or 98.50 percent to Rs. 157.00 a share, while Commercial Bank gained Rs. 1.80 to Rs. 89.90 a share, also contributing to the ASPI’s gain.
Meanwhile, newly appointed chairman of the Securities and Exchange Commission Viraj Dayaratne and other members of the Commission will meet Chief Executives of brokers next week, the regulator said. Dayaratne had met chairman of the Colombo Stock Exchange Ray Abeywardene, Chief Executive Rajeeva Bandaranaike, Chief Regulatory Officer Renuke Wijayawardhana on February 19.The Commission members would meet broker chiefs on February 25.
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