By Hiran H.Senewiratne
The CSE edged up in the first hour and half of trade but turned a bit volatile due to global market inflationary and recessionary pressures and on account of the inability on the part of the relevant authorities to give a proper timeline for an IMF bailout for Sri Lanka due to delays in the debt restructuring process, stock market analysts said.
It is said that global equity markets are not positive due to heavy inflationary and recessionary worries. The UK government’s 50 per cent tax cut to absorb those pressures does not provide ample relief for the country and the Sterling Pound is now heavily depressed against the US dollar, stock analysts said.Both CSE indices moved downwards. The All- Share Price Index went down by 7.4 points and S and P SL20 down by 15.6 points. Turnover stood at Rs 3.4 billion with six crossings.
Those crossings were reported in LOLC Finance where 20 million shares crossed to the tune of Rs 168 million; its shares traded at Rs 8.40, Lanka IOC 300,000 shares crossed for Rs 84.9 million and its shares traded at Rs 283, JKH 572,000 shares crossed to the tune of Rs 79 million, its shares traded at Rs 138, Expack Corrugated Cartons 3.7 million shares crossed for Rs 62,9 million, its shares traded at Rs 17, CIC Holdings 600,000 shares crossed to the tune of Rs 51 million and its shares fetched Rs 85 and Lanka Wall Tiles 500,000 shares crossed to the tune of Rs 41.3 million, its shares traded at Rs 82.50.
In the retail market top seven companies that mainly contributed to the turnover were; Expack Corrugated Cartoons Rs 300 million (17.5 million shares traded), Lanka IOC Rs 279 million (986,000 shares traded), Lanka Wall Tiles Rs 198 million (2.3 million shares traded), Expolanka Holdings Rs 175 million (797,000 shares traded), CIC Holdings Rs 163 million (1.9 million shares traded), ACL Cables Rs 123 million (1.1 million shares traded ) and Lanka Tiles Rs 102 million (1.5 million shares traded). During the day 214 million share volumes changed hands in 30000 share transactions.Yesterday, the Central Bank announced the daily US dollar rate. The buying rate was Rs 359.16 and the selling rate Rs 369.91.
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