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By Ravi Ladduwahetty

Banking stocks moved up yesterday following the success of the Rs. 2 billion HNB debenture issue, stock market analysts told the Daily News yesterday.

The blue chip HNB share moved up Rs. 4.50 to Rs. 71 where 243,000 shares were traded while National Development Bank moved up Rs. 2.50 to Rs. 89.50 in 131,000 transactions. There were 80,000 shares of Seylan Bank which were traded and the price rose Rs. 2.25 to Rs. 41.25. DFCC Bank shares also rose Rs. 4 to Rs.185 where 24,000 shares were traded. Commercial Bank shares also increased to Rs. 215, an increase of Rs. 4.50 where 4,700 shares were traded.

The All Share Price Index rose by 16.25 points to 760.49 while the Millanka Price Index rose by 33.54 to 1333.84 points. The turnover yesterday was Rs. 134.2 million, which was higher than the Year To date Average of Rs. 126 million. The main contributors to the Colombo bourse yesterday were: Hatton National bank- Rs. 17 million, CIC- Rs. 15 million, NDB - Rs. 11.7 million, JKH- Rs. 8.3 million and Aitken Spence - Rs. 7.5 million.

The five top gainers of the Colombo bourse yesterday were: AMW which gained Rs. 8.25 to Rs. 45, Hayleys which went up Rs. 6.50 to Rs. 162, Sathosa Motors which went up by Rs. 6 to Rs. 28, Millers which went up by Rs. 5.50 to Rs. 160, DFCC Bank which went up by Rs. 5 to Rs. 185 and Kandy Hotels which went up by Rs. 5 to Rs. 19.

Analysts also believe that the other banks should also follow suit in developing the corporate debt market for which there was scope based on the success of the debenture issue.

The total market capitalisation of the quoted debt securities market at the Colombo Stock Exchange is Rs. 8.4 billion as at Tuesday and the Rs. 2 billion added from the HNB issue will add the market capitalisation of the quoted debt securities of the Colombo bourse by 33 percent.

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