SL’s perceived inability to reach IMF targets negatively impacts share market

By Hiran H.Senewiratne

Reports in sections of the media that Sri Lanka is yet to achieve IMF targets, had a negative impact on the stock market yesterday. Moreover, the fact that the CSE is still witnessing profit- taking added insult to injury, market analysts said.

Consequently, both indices moved downwards. The All- Share Price Index went down by 64.6 points and S and P SL20 declined by 36.8 points. Turnover stood at Rs 4.3 billion with five crossings.

Those crossings were reported in Windforce, which crossed 42.5 million shares to the tune of Rs 807.5 million; its shares traded at Rs 19, Lankem Ceylon 2.5 million shares crossed for Rs 204.5 million; its shares traded at Rs 80, Melstacope 1.8 million shares crossed for Rs 143 million and its shares fetched Rs 80, Colombo Port Land 850,000 shares crossed to the tune of Rs 25.5 million; its shares traded at Rs 30.30 and Hemas Holdings 300,000 shares crossed for Rs 23.9 million; its shares sold at Rs 79.90.

In the retail market top five companies that mainly contributed to the turnover were; Capital Alliance Rs 372 million (4.3 million shares traded), Hayleys Fabrics Rs 285 million (6.3 million shares traded), First Capital Holdings Rs 238 million (four million shares traded), JKH Rs 201 million (1 million shares traded) and Central Finance Rs 198 million (1.4 million shares traded). During the day 169 million share volumes changed hands in 30000 transactions.

Yesterday Sri Lanka’s rupee was at Rs 323.50/324.50 to the US dollar after closing on Friday at Rs 323.00/324.00 to the US dollar, dealers said.

A bond maturing on 15.09.2027 was quoted stable at 13.00/10, up from Friday’s close at 12.95/13.10 percent. A bond maturing on 01.05.2028 was quoted at 12.95/10, up from 12.85/13.00 percent.