EU resolution weighs on market participants’ minds

by Hiran H. Senewiratne

Share trading at the Colombo Stock Exchange (CSE) was not active during the early part of yesterday, but recovered somewhat in the latter part of the day.

Stock market analysts attributed it to two reasons; 1. The passing of a resolution by the European parliament calling on Sri Lanka to repeal the Prevention of Terrorism Act (PTA) 2. The highest coronavirus death count reported yesterday with 101 COVID-19 deaths confirmed.

Stock market investors were, therefore, worried that Sri Lanka might lose the GSP Trade Facility if the government would not repeal PTA following the EU resolution, stock brokers said.

Amid those developments,.All Share Price Index was up by 9.14 points and S&P SL 20 down by 5.65 points .Turnover stood at Rs 2.25 billion with a single crossing. The crossing reported in People’s Leasing which crossed 1.7 million shares to the tune of Rs 22.1 million and its share price traded at Rs 13.

In the retail market top 5 companies that mainly contributed to the turnover were LOLC Rs 443.9 million (1.15 million shares traded ),Dipped products Rs 188.8 million (3.7 million shares traded ),Brown Investments Rs 160.1 million (25.4 million shares traded ),Peoples Leasing Rs 88.5  million (6.5 million shares traded )and Royal cermic Rs 76.4 million (2 million shares traded ).

During the day 103.8 million shares volume change hands in 22,891 share transactions.