Business
Negative investor sentiments in the wake of Geneva worries
By Hiran H.Senewiratne
CSE activities were sluggish throughout yesterday following negative investor sentiments that surfaced with the commencing of the 46th sessions of the United Nations Human Rights Council (UNHRC) in Geneva, Switzerland. It is said that a resolution on Sri Lanka is expected to be taken up soon which is not favourable to Sri Lanka.
Further, two reports by Standard Chartered Bank and Barclays Bank UK raising concerns on Sri Lanka pertaining to debt repayment capacity and declining foreign reserves to a considerably low position have negatively impacted investor sentiment, stock market analysts said.
Amid those developments, the stock market indicated negative sentiments because both indices moved downwards. The All Share Price Index went down by 200 points and S and P SL20 declined by 66 points. The turnover stood at Rs. 2.35 billion with two crossings.
Those crossings were reported in CIC, which crossed one million shares to the tune of Rs. 63 million, its shares trading at Rs. 63, Commercial Bank 613,000 shares crossed for Rs. 55.1 million, its shares fetched Rs. 90 and Royal Ceramic 100,000 shares crossed for Rs. 32.2 million, its shares traded at Rs. 322.
In the retail market, top five companies that mainly contributed to the turnover were, Browns Investments Rs. 526 million (87.4 million shares traded), Expolanka Rs. 219.2 million (4.9 million shares traded), LOLC Rs. 189 million (491,000 shares traded), Dipped Products Rs. 155 million (2.73 million shares traded) and Haycarb Rs. 101.3 million (927,000 shares traded). During the day, 130.4 million share volumes changed hands in 23125 transactions.
Sri Lanka’s rupee was quoted around 194.00/196.00 to the US dollar in the spot market on Monday, while some bond yields were steady, dealers said.
The rupee last closed in one-week forward market at 195/195.75 to the dollar on Friday. In the secondary market, bond yields were steady in dull market trade, dealers said.