Bourse bounces back

Hiran H. Senewiratne

The Colombo Stock Exchange (CSE) was positive with substantial interest on blue-chips like Sri Lanka Telecom at the end of yesterday’s trading.

The market was very active and the telecom shares were moving up. There was a healthy turnover of Rs 369 million. The number of shares traded during the day was 13.2 million and Sri Lanka Telecom shares moved up by 75 cents to close at 35.75 ahead of a court hearing next week.

Japan’s NTT which holds a 35.2 per cent stake in Sri Lanka Telecom was negotiating to sell a 25.3 per cent stake of the Telco to the Usaha Tegas group of Malaysia controlled by billionaire Ananda Krishnan.

The market bustling with activity saw CIC share prices go up by Rs. 2.25 rupees to Rs. 38.75, while Dialog Telekom shares was up 25 cents. The turnover was Rs. 290 million rupees by midday on Wednesday.

In forex markets the spot dollar was quoted 113.28/30 Wednesday. The rupee closed at 113.28/32 on Tuesday with active buying from a state name with foreign names selling dollars.

Local shipbuilder Dockyard’s share was up Rs. 1.50 Rs. 46.50 while John Keells Holdings traded 1.25 rupees higher, at 134.75.Distilleries was up.

Heavily traded stocks were in volumes were Keells Hotel 2.3 million, SLT 1.03 million and CIC 0.6 million. While stocks that contributed heavily to the turnover were JKH (Rs 92.5 million), SLT (Rs 37.1 million), CIC (Rs31.7) Analysts said the naval victory over Tiger activities brought in a positive sentiment to the market.

Stocks were up at mid-day Wednesday with an index-heavy telecom stocks moving up ahead of a court hearing and news of the naval victory over the LTTE in the eastern sea, dealers said.

During the day the foreign buying was 111.9 million and selling was 93.6 million.

There were two JKH crossings first was 200,000 shares and second one is 463400 traded at Rs 134 for a share.