By Hiran H. Senewiratne
CSE trading activities yesterday were negative from the beginning due to major selling pressure on Softlogic Life and Softlogic Capital shares. Further, shares fell in mid- day trade, amid diminishing hopes of securing the US $ 2.9 billion dollar bailout from the IMF, market analysts said.
Besides, December quarterly company results are also below expectations. Consequently, the All- Share Price Index fell by 151.8 points, while the most liquid index S&P SL20 was also down by 42.6 points.
Softlogic Life shares which came down 20 per cent from Rs 128.50 to Rs 103 is considered to be a Rs 25.50 drop, while Softlogic Capital shares dropped 25 per cent from Rs 15.90 to Rs 12, a Rs 3.90 drop.
CSE turnover stood at Rs 2.25 billion with three crossings. Those crossings were reported in NTB, which crossed 1.2 million shares to the tune of Rs 70.5 million; its shares traded at Rs 57, Lanka IOC 321,000 shares crossed for Rs 56.7 million, its shares traded at Rs 176.50 and Lankem Development 750,000 shares crossed to the tune of Rs 26.25 million, its shares fetched Rs 35.
In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 321 million (2.3 million shares traded),.Softlogic Life Insurance Rs 287 million (2.6 million shares traded), Aitken Spence Rs 260 million (1.7 million shares traded), Softlogic Capital Rs 239 million (17.9 million shares traded), ACL Cables Rs 162 million (2.3 million shares traded), Expolanka Holdings Rs 141 million (818,000 shares traded) and Lanka IOC Rs 100 million (557,000 shares traded). During the day 85.6 million shares changed hands in 18467 transactions.
It is said high net worth and institutional investor participation was noted in Melstacorp, Ceylon Tobacco Company and Aitken Spence. Mixed interest was observed in Softlogic Life Insurance, Expolanka Holdings and Lanka IOC, while retail interest was noted in Softlogic Capital, SMB Leasing nonvoting and Browns Investments.
The Insurance sector was the top contributor to the market turnover (due to Softlogic Life Insurance) while the sector index lost 0.87 per cent. The share price of Softlogic Life Insurance decreased by Rs.25.50 to Rs. 128.50.
The food, beverage & tobacco sector was the second highest contributor to the market turnover (due to Melstacorp), while the sector index decreased by 0.87 per cent. The share price of Melstacorp recorded a loss of Rs. 1.60 (3.02 per cent) to Rs. 51.30.
Yesterday, the Central Bank’s US dollar buying rate was Rs 359.64 and selling rate Rs 369.95.
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