Political uncertainty continues to cast pall of gloom on bourse

By Hiran H.Senewiratne

The stock market yesterday kicked off on a positive note but in the middle of the session, selling pressure was noted due to political uncertainty and delays in the external debt restructuring exercise, market analysts said.Both indices moved upwards. The All Share Price Index went up by 49.05 points while S and P SL20 rose by 10.35 points.

Turnover stood at Rs 1.16 billion with four crossings. Those crossings were reported in Melstacope, which crossed 841,000 shares to the tune of Rs 74 million; its shares traded at Rs 88, NTB 500,000 shares crossed for Rs 60 million; its shares traded at Rs 120, NDB 300,000 shares crossed for Rs 23.4 million; its shares traded at Rs 78 and TJLanka 565,000 shares crossed for Rs 22 million; its shares sold at Rs 39.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 107 million (517,000 shares traded), Browns Investments Rs 92.3 million (15.2 million shares traded), LOLC Holdings Rs 52.9 million (115,000 shares traded), LOLC Finance Rs 40.9 million (6.4 million shares traded), Hela Apparel Rs 33.5 million (5.1 million shares traded), ACL Cables Rs 30.7 million (363,000 shares traded) and Dipped Products Rs 30.6 million (901,000 shares traded). During the day 58.1 million share volumes changed hands in 10500 transactions.

Yesterday, the rupee opened somewhat stable at Rs 301.75/80 to the US dollar, from Rs 301.85/90 the previous day, dealers said. Bond yields were steady. A bond maturing on 15.12.2026 was quoted stable at 9.70/80 percent. A bond maturing on 15.09.2027 was quoted down at 10.35/50 percent from 10.40/55 percent. A bond maturing on 01.07.2028 was quoted stable at 10.70/80 percent. A bond maturing on 15.05.2030 was quoted at 11.55/75 percent.