Debt restructuring issues continue to hamper share trading

By Hiran H.Senewiratne

Stock market trading lacked lustre yesterday as the market witnessed huge selling pressure. Apparently, the absence of a proper process for 2024 with regard to the external debt restructuring exercise, particularly for sovereign bond holders, caused a dip in the market, analysts said.

Both indices moved downwards. The All- Share Price Index went down by 38.4 points, while the S and P SL20 declined by 17.17 points. Turnover amounted to Rs 590 million without any crossings.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 138 million (761,000 shares traded), Expolanka Holdings Rs 85.7 million (659,000 shares traded), Tokyo Cement (Non- Voting) Rs 41.3 million (1 million shares traded), Dialog Axiata Rs 38.3 million (4.3 million shares traded), Tokyo Cement (Voting) Rs 37.8 million (823,000 shares traded), Browns Investments Rs 19.6 million (4.6 million shares traded) and HNB Rs 15.9 million (102,000 shares traded). During the day 25.9 million share volumes changed hands in 6000 transactions.

Yesterday the rupee opened at Rs 317.50/90 to the US dollar from 317.50/80 the previous day, dealers said.

Bond yields were broadly stable. A bond maturing on 01.02.2026 was quoted at 13.10/25 percent from 13.10/20 percent. A bond maturing on 15.03.2028 was quoted at 13.70/85 percent from 13.70/80 percent.