Share market dogged by dullness as parliament dissolution worries persist

By Hiran H.Senewiratne

The stock market yesterday indicated some selling pressure, due to the absence of micro and macro- economic factors to boost it. These factors accounted for the market remaining dull the whole day, market analysts explained.

Apparently, worries mainly over the dissolution of Parliament for the conduct of an election soon compounded the market’s selling pressure.

Amid those developments both indices moved downwards. The All Share Price Index went down by 75.73 points while S and P SL 20 declined by 24.54 points. Turnover stood at Rs 1 billion with one crossing. The crossing was reported in Sampath Bank, which crossed 1 million shares to the tune of Rs 78 million; its shares traded at Rs 78.

In the retail market top seven companies that mainly contributed to the turnover were; Dipped Products Rs 84.6 million (2.4 million shares traded), Hayley Rs 73.4 million (794,000 shares traded), Browns Investments Rs 70.1 million (11.2 million shares traded), Lanka IOC Rs 66.7 million (597,000 shares traded), LOLC Holdings Rs 60 million (129,000 shares traded), HNB Rs 43 million (220,000 shares traded) and Janashakthi Insurance Rs 37.7 million (916,000 shares traded). During the day 53.9 million share volumes changed hands in 12600 transactions. Banking sector stocks were a bit active in the market while production sector counters were vibrant.

Yesterday, the rupee opened stronger at Rs 299.40/70 to the US dollar from Rs299.70/80 the previous week, dealers said. Bond yields were steady.

A bond maturing on 15.12.2026 was quoted stable at 10.05/15 percent. A bond maturing on 15.09.2027 was quoted down at 10.20/40 percent from 10.25/40 percent.

A bond maturing on 15.03.2028 was quoted down at 10.60/70 percent from 10.65/70 percent.

A bond maturing on 15.05.2030 closed up at 11.55/70 percent from 11.60/75 percent.