Positive news on bailout continue to buoy bourse

By Hiran H. Senewiratne

CSE trading edged-up in mid-market yesterday on renewed hopes of Sri Lanka obtaining the IMF loan as the Chinese government is reportedly showing willingness to engage in debt restructuring discussions. Added proof of this came when President Ranil Wickremesinghe told a rice millers’ meeting that the loan is likely to be finalized by March, market analysts said.

Consequently, both indices moved up marginally. The All- Share Price Index went up by 5.31 points and S and P SL20 rose by 1.50 points. Turnover stood at Rs 1.2billion with two crossings. Those crossings were reported in Vidul Lanka, which crossed 24 million shares to the tune of Rs 141.6 million; its share traded at Rs 5.90 and Melstacorp 500,000 shares crossed for Rs 28 million; its shares fetched Rs 56.

In the retail market top seven companies that mainly contributed to the turnover were; Softlogic Capital Rs 235 million (17.9 million shares traded), Softlogic Life Insurance Rs 122.8 million (1.2 million shares traded), Melstacorp Rs 96.7 million (1.7 million shares traded), HNB Rs 44 million (418,000 shares traded), Expolanka Holdings Rs 43.9 million (250,000 shares traded), JKH RS 42.7 million (305,000 shares traded) and Asia Hotel Properties Rs 36 million (839,000 shares traded). During the day 3.2 million share volumes changed hands in 15000 transactions.

The Central Bank’s US dollar buying rate was Rs 359.47 and the selling rate Rs 369.66.