Worries over delays in IMF support dampen share market

By Hiran H.Senewiratne

The CSE was lackluster throughout yesterday due to gloomy external and internal environmental factors. The internal factors that impacted the market were the proposed tax hike with the passing of the new Inland Revenue Act and worries over delays in IMF support to put the economy back on track, market analysts said.

“We are seeing buyers coming back into the market after the continuous slip but it’s in very small numbers; the turnover is a good indication of it, a top market analyst said.

Amid those developments the stock market indicated mixed reactions. The All -Share Price Index went up by 22.3 points and S and P SL20 declined by two points. Turnover stood at Rs 1.5 billion with three crossings.

Those crossings were reported in CIC Holdings (non-voting) 600,000 shares crossed to the tune of Rs 44.4 million and its shares traded at Rs 74, Lanka IOC 150,000 shares crossed to the tune of Rs 32.3 million, its shares traded at Rs 215, and Lanka Wall Tiles 286,000 shares crossed to the tune of Rs 20 million and its shares fetched Rs 70.

In the retail market top seven companies that mainly contributed to the turnover were; Agstar PLC Rs 344.6 million (16.9 million shares traded), Lanka Wall Tiles Rs 89.7 million (1.2 million shares traded), Sarvodaya Development Finance Rs 77.3 million (6.8 million shares traded), Browns Investments Rs 77 million (12.7 million shares traded), CIC Holdings Rs 76.1 million (716,000 shares traded), CIC Holdings (non-voting) Rs 70.4 million (962,000 shares traded) and Hayleys Rs 68.2 million (841,000 shares traded). During the day 83 million share volumes changed hands in 17000 transactions.

Yesterday, the Central Bank- announced US dollar buying rate was Rs 360.45 and selling rate Rs 370.97.