Negative investor sentiments manifest in the wake of NCM against Speaker

By Hiran H.Senewiratne

Gloom surrounded the stock market yesterday due to political uncertainties stemming from the no-confidence motion against the Speaker of Parliament Mahinda Yapa Abeywardena and continuing speculation over elections. Consequently, negative investor sentiments manifested themselves.

Amid those developments both indices moved downwards. The All Share Price Index went down by 64.4 points, while S and P SL20 declined by 18.7 points. Turnover stood at Rs 639 million with one crossing. The crossing took place in Colombo Fort Lands, which crossed 1 million shares to the tune of Rs 30.3 million; its shares traded at Rs 30.

In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 28.8 million (5.6 million shares traded), Chevron Lubricants Rs 27.3 million (263,000 shares traded), Ceylon Grain Elevators Rs 24.1 million (147,000 shares traded), Prime Lanka Residence Rs 22.3 million (2.6 million shares traded), Hayleys Rs 21.6 million (261,000 shares traded), Sampath Bank Rs 20.5 million (264,000 shares traded) and First Capital Treasuries Rs 18.8 million (646,000 shares traded). During the day 33.3 million shares changed hands in 9000 transactions.

Yesterday the rupee opened at Rs 303.90/304.00 to the US dollar in the spot forex market, weaker from Rs 304.00/20 on the previous day, dealers said, while bond yields were up. A bond maturing on 15.12.2026 was quoted at 11.37/40 percent up from 11.30/40 percent. A bond maturing on 15.09.2027 was quoted at 12.18/22 percent, up from 11.90/12.00 percent.