Drop in CSE market capitalization; net foreign outflow Rs. 40 million

By Hiran H.Senewiratne

The CSE witnessed a drop in market capitalization to Rs 3.21 trillion from Rs 4.5 trillion, which was more than a 42 per cent drop, stock market analysts said.

The country’s political uncertainty affected the stock market. The CSE witnessed a net foreign outflow Rs 40 million and from the beginning of the year to date the total net foreign outflow is Rs 1.04 billion, market analysts said.

The political uncertainty and economic crisis that resulted in social unrest has put the country into dire straits, analysts added.

Amid those developments yesterday stocks fell over 2 per cent during the day and both indices moved downwards. The main All- Share Price Index slipped by 47.8 points and the most liquid index S&P SL20 to 3.7 points, it is reported.

The turnover stood at Rs 822.6 million without a crossing. The six companies that mainly contributed to the turnover were; Expolanka Holdings Rs 207.3 million (1.8 million shares traded), Lanka IOC Rs 65.5 million (one million shares traded), Browns Investments Rs 64.4 million (8.3 million shares traded), Commercial Bank Rs 50.9 million (one million shares traded), Vallibel One Rs 35.9 million (one million shares traded) and DIMO Rs 30.1 million (87000 shares traded). During the day 38.6 million share volumes changed hands in 13000 share transactions.

The top contributor to the market was the transport sector which contributed 25 per cent to the total turnover. Other sectors were the capital goods and Food Beverages and Tobacco.

Yesterday the US dollar rate was Rs 359.86. The Central Bank’s proper monetary steps have stabilized the rupee against the US dollar, financial observers said.


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