Absence of market-driven activities stalls CSE; negative conditions manifest in politics

By Hiran H.Senewiratne

Foreign and local investor participation in the CSE showed significant improvement yesterday due to a decline in Treasury bill yields, market analysts said.

However, stock market activities were not strong due to depressing conditions in the political arena and because of the absence of market- driven activities, analysts said.

The All Share Price Index was down by 22.7 points, while S and P SL20 rose by 25.3 points. Turnover stood at Rs 695 million with two crossings. Those crossings were reported in Commercial Bank, which crossed 1.4 million shares to the tune of Rs 131.7 million; its shares traded at Rs 89.50 and Expolanka Holdings 185,000 shares crossed for Rs 24.9 million; its shares traded at Rs 134.

In the retail market top seven companies that contributed to the turnover were; JKH Rs 55.7 million (296,000 shares traded), Hayley’s Fabrics Rs 38.8 million (983,000 shares traded), Lion Brewery Rs 33.2 million (35000 shares traded), Capital Alliance Rs 28.4 million (554,000 shares traded), Lanka IOC Rs 24.7 million (237,000 shares traded), Sunshine Holdings Rs 19.6 million (368,000 shares traded) and Lanka Milk Foods Rs 19.3 million (842,000 shares traded). During the day 25.3 million shares volumes changed hands in 6800 transactions.

Yesterday, the rupee traded at Rs 313.20/30 to the US dollar from Rs 313.10/30 the previous day. Bond yields were more or less steady. A bond maturing on 01.02.2026 was quoted at 10.55/85 percent, down from 10.50/60 percent. A bond maturing on 15.09.2027 was quoted at 11.35/45 percent, from 11.40/50 percent. A bond maturing on 15.03.2028 was quoted at 11.89/90 percent from 11.70/80 percent.