NTB shares push market

Hiran H. Senewiratne

The Bourse closed on a higher interest due to Nations Trust Bank shares becoming attractive by creating a positive investment sentiment, Stock Market sources said.

John Keells Holdings were compelled to sell part of its stake to fall in line with new banking rules. Much interest was evident in Nations Trust on speculation.

The All Share Price Index up by 4.82 points or 0.19 per cent at 2,530.16 while the Milanka Price Index ended up by 7.10 points or 0.21 per cent yesterday. The turnover was Rs. 308 million. A significant gainer was Nations Trust Bank.

Investors appeared to be buying on speculation that JKH would have to shed part of its stake in NTB as the banking law limits ownership to 10 per cent for single and connected parties in commercial banks.

There was a lot of interest and the share moved from Rs. 34 to Rs. 37 on fairly large volumes.

There were 158,500 NTB shares traded and the stock ended up 1.25 at Rs. 36 after hitting 37.