Stock market ends sharply lower, replicating a dismal week

The All Share Price Index (ASPI ended lower yesterday amid low turnover levels, market data showed. John Keells Holdings (JKH), Grain Elevators PLC and Browns Investment PLC led market activity while trading in JKH amounted to 30% of total turnover. Capital Goods was the most actively traded sector (-0.16%). Automobiles and Components was the best performing sector (+1.41%) Insurance was the worst performing sector (-2.05). The total turnover was Rs.0.5bn in 6,254 trades.

Meanwhile, the Average Weighted Prime Lending Rate (AWPR) and the Lowest Prime Rate (LPR) during the week by all commercial banks were 13.86 percent and 11.00 percent, respectively.

The Average Weighted Deposit Rate (AWDR) of commercial banks for the month of October-2023 13.6 percent. The Sri Lankan rupee depreciated slightly against the US Dollar yesterday compared to Thursday, the Central Bank of Sri Lanka reported.

Accordingly, the buying rate of the US Dollar increased from Rs. 322.44 to Rs. 323.65, while the selling rate also increased from Rs. 333.43 to Rs. 334.13. Furthermore, the rupee depreciated against a basket of foreign currencies including Gulf currencies.

Meanwhile, Dialog Axiata PLC had notified the CSE yesterday the resignation of a director. The Company had informed that Dato Dr. Nik Ramlah Nik Mahmood, Non-Independent, Non-Executive Director, resigned from the Board of Directors of Dialog with effect from 31 October 2023.

The letter submitted to the CSE to this effect by Dialog Axiata stated: “Please note that by virtue of being a Nominee Director of the parent company, Dr. Nik Ramlah Nik Mahmood had a relevant Interest in 6,785,252,765 (82.27%) ordinary shares of Dialog as at the date of her resignation. The said shares are held by Axiata Investment Labuan Limited which is a wholly owned subsidiary of Axiata. Once we received the letter of resignation, we were required to obtain approval for changes in the Board composition in compliance with the Company’s governance process. Hence, we were not able to announce the change immediately.”