High volatility in share market as investors worry over debt restructuring

By Hiran H.Senewiratne

CSE trading activities were volatile throughout yesterday. The stock market started on a positive note but turned negative by mid-session. Subsequently, though it became positive it ended up on a negative note.

Uncertainty over the date of signing of the IMF Board level agreement and worries among investors on domestic debt restructuring issues caused the volatility, stock market analysts said.

However, compared to the previous day’s turnover, there was a 16 per cent improvement in the market turnover yesterday. Amid those developments both indices moved downwards. The All- Share Price Index went down by 40.9 points and S and P SL20 went down by 1.7 points. Turnover stood at Rs 1.2 billion with four crossings. Those crossings were reported in Citizens Development Bank and Finance, which crossed 800,000 shares to the tune of Rs 160 million, its shares traded at Rs 200, JKH 726,000 shares crossed to the tune of Rs 100 million, its shares traded at Rs 137.50, Commercial Bank 998,000 shares crossed to the tune of Rs 49.9 million; its shares sold at Rs 50 and HNB 450,000 shares crossed to the tune of Rs 32.4 million; its shares fetched Rs 72.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 180 million (1.3 million shares traded), Lanka IOC Rs 164 million (one million shares traded), Expolanka Holdings Rs 102.5 million (844,000 shares traded), Browns Investments Rs 25.9 million (5.4 million shares traded), Hemas Holdings Rs 21.4 million (414,000 shares traded), Lankem Development Rs 20.9 million (880,000 shares traded) and LOLC Finance Rs 19.5 million (3.4 million shares traded). During the day 36.1 million share volumes changed hands in 14000 transactions.

Yesterday the Central Bank- announced US dollar buying rate was Rs 360.99 and the selling rate Rs 371.83.


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