Investors’ doubts and anxieties impede share market momentum

By Hiran H. Senewiratne

The stock market kicked off on a bullish note yesterday but during the latter part of the day the momentum reduced. The reason being that investors were adopting a cautious stance due to delays and uncertainties in the external debt restructuring exercise, market analysts said.

The All Share Price Index went down by 13.1 points, while S and P SL20 declined by 17.5 points. Turnover stood at Rs 494 million with two crossings. Those crossings were reported in Lanka IOC, which crossed 661,000 shares to the tune of Rs 64.8 million; its shares traded at Rs 98 and Cargills Bank 2.9 million shares crossed for Rs 24.million; its shares traded at Rs 7.50

In the retail market top seven companies that mainly contributed to the turnover were; NTB Rs 50.2 million (487,000 shares traded), JKH Rs 31.4 million (170,000 shares traded), Lanka Milk Foods Rs 29.8 million (1.4 million shares traded), TJ Lanka Rs 25.4 million (688,000 shares traded), Associated Motor Finance Rs 17.6 million (853,000 shares traded), Expolanka Holdings Rs 16.1 million (116,000 shares traded) , Expolanka Holdings Rs 16.1 million (116,000 shares traded) and Sampath Bank Rs 15.5 million (228,000 shares traded). During the day 21.8 million shares changed hands in 60000 transactions.Yesterday the US dollar buying rate was Rs 316.07 and selling rate Rs 325.69.