Short term policy inconsistencies prove challenging for bourse

By Hiran H. Senewiratne

The CSE’s performance yesterday was not satisfactory due to short and medium term policy inconsistencies of the government. Besides negative external environmental factors impacted the market. There is also the government servants’ demand for salary increases which adds insult to injury, stock market analysts said.

Consequently, the All Share Price Index went down by 44.28 points, while the S and P SL20 declined by 19.83 points. Turnover stood at Rs 670 million with one crossing.

The crossing was reported in Sunshine Holdings, which crossed 400,000 shares to the tune of Rs 21.5 million; its shares traded at Rs 52.80.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 116 million (626,000 shares traded), Capital Alliance Rs 55.8 million (1 million shares traded), Commercial Bank Rs 48 million (526,000 shares traded), CTC Rs 31.7 million (31000 shares traded) Dialog Rs 30.2 million (3.4 million shares traded), Sampath Bank Rs 26.3 million (379,000 shares traded) and Hayleys Fabrics Rs 20.4 million (504,000 shares trade.) During the day 25 million share volumes changed hands in 8000 transactions.

Yesterday the rupee opened at Rs 322.80/90 to the US dollar from Rs 322.80/90 the previous day, dealers said. Bond yields were broadly stable. A bond maturing on 01.02.2026, was quoted stable at 13.80/95 percent. A bond maturing on 01.07.2028 was quoted at 14.15/20 percent.