Reported debt restructuring delays dampen share market

By Hiran H. Senewiratne

CSE trading activities were dull yesterday due to the holiday season. Selling pressure was witnessed in most stocks. Furthermore, shares slipped in mid- market trade over speculation of a delay occurring in local debt restructuring, accompanied by a delay in IMF support, market analysts said.

Amid those developments both indices indicated mixed reactions. The All- Share Price Index went down by 17.2 points and S and P SL 20 rose by 0.18 points. Turnover stood at Rs 1.1billion with four crossings. Those crossings were reported in Avatar PLC, which crossed three million shares to the tune of Rs 48 million, its shares traded at Rs 15, CIC (non -voting) 808,000 shares crossed to the tune of Rs 48.2 million, its share price was Rs. 53, Cargills 150,000 shares crossed to the tune of Rs 35.2 million and its shares traded at Rs 235 and Lankem Development 788,000 shares crossed for Rs 23.6 million, its shares fetched Rs 30.

In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Life Insurance Rs 220 million (3.1 million shares traded), Expolanka Holdings Rs 203 million (1.1million shares traded), Softlogic Capital Rs 102 million (16 million shares traded), Lanka IOC Rs 90 million ( 450,000 shares traded), Browns Investments Rs 57.2 million (8.2 million shares traded),LOLC Holdings Rs 26.6 million(68000 shares traded) and Ambeon Capital Rs 25 million (2.4 million shares traded). During the day 57.2million shares were traded.

Expolanka Holdings share price depreciated by Rs 10 or 5 per cent. Its share price touched Rs 183 from Rs 193, while Softlogic Life shares appreciated by Rs 10 or five percent. Its share price moved to Rs 73.70 from Rs 65. 50. During the day foreign inflows touched RS 30 billion. Yesterday, the Central Bank- announced US dollar selling price was Rs 360.89 and the buying price Rs 371.78.

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