President’s comments bring bourse back to life following dismal start

By Hiran H. Senewiratne

CSE trading started on a negative note yesterday but suddenly bounced back following President Ranil Wickremesinghe’s positive comments on the country’s macro- economic improvements.The President also said that Sri Lanka has seen good results under the IMF program, but the country has to complete debt restructuring and continue on a reform path to ensure strong growth.

Consequently, both indices moved upwards. The All Share Price Index went up by 43.33 points while S and P SL 20 rose by 43.47 points.

Turnover stood at Rs 2.7 billion with three crossings. Those crossings were reported in Aitken Spence, where 360,000 shares crossed to the tune of Rs 47.1 million; its shares traded at Rs 131, CTC 16000 shares crossed for Rs 20.8 million; its shares sold at Rs 1300 and Sampath Bank 260,000 shares crossed to the tune of Rs 20.7 million; its shares traded at Rs 79.90.

In the retail market top seven companies that mainly contributed to turnover were, Dialog Rs 606 million (52.7 million shares traded), Lanka IOC Rs 125 million (952,000 shares traded), Browns Investments Rs 99.2 million (15 million shares traded), NDB Rs 97.4 million (1.2 million shares traded), LMF Rs 77.5 million (2.3 million shares traded), JKH Rs 77 million (372,000 shares traded) and HNB Rs 74 million (371,000 shares traded). During the day 140 million share volumes changed hands in 16700 transactions.

Yesterday the rupee opened at Rs 298.50/70 to the US dollar from 298.75/85 the previous day, dealers said.

Bond yields were broadly steady, dealers said. A bond maturing on 15.12.2026 was quoted down at 10.60/65 percent from 10.60/70 percent. A bond maturing on 15.09.2027 was quoted stable at 10.95/11.00 percent. A bond maturing on 15.03.2028 was quoted stable at 11.35/45 percent.