CSE trading slows as investors await policy directives on IMF loan

By Hiran H. Senewiratne

CSE trading activity was dull yesterday due to investors adopting a wait- and-see approach as they searched for directions and policy directives following IMF approval for the Extended Fund Facility, an analyst said.

Investors are also rather worried over the delay in delivering a pledged World Bank loan of US $ 750 million as a relief package for budgetary support, which was expected soon after the IMF loan approval for Sri Lanka, market analysts said.

The All- Share Price Index went down by 54.1 points and S and P SL20 declined by 7.4 points. Turnover stood at Rs 632 million with two crossings. Those crossings were reported in NDB, which crossed 1 million shares to the tune of Rs 45 million; its shares traded at Rs 45 and Hayleys 500,000 shares crossed for Rs 36 million; its shares fetched Rs 72.

In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 116 million (695,000 shares traded), Tokyo Cement (Non- Voting) Rs 31.4 million (654,000 shares traded), Browns Investments Rs 24 million (4 million shares traded), Ceylon Cold Stores Rs 23.8 million (618,000 shares traded), Vallibel Finance Rs 23.2 million (703,000 shares traded), NTB Rs 18.4 million (409,000 shares traded) and LOLC Finance Rs 15.7 million (2.6 million shares traded). During the day 38 million share volumes changed hands in 11000 shares traded.

Yesterday the Central Bank’s US dollar buying rate was Rs 312.92 and the selling rate Rs 327.72.