Baurs commemorates its 125th anniversary with a series of community service initiatives – The Island

By Hiran H. Senewiratne

CSE’s trading activities were negative in nature since yesterday morning due to the current political instability. In addition, the taking of short- and medium-term loans through Treasury bills has led stock investors to turn to government securities, market analysts said. Last Tuesday, the Treasury bill rate rose significantly. It is said that the three-month weighted average yield increased by 32.1% (403 basis points), the six-month weighted average yield increased by 31.0% (227 basis points) and the yield one-year weighted average rose 29.9 percent (176 basis points). This affected the stock market, analysts said.

Amid these developments, shares continued to fall at midday yesterday after opening more than 1% lower. The main All-Share Price Index slipped 47.4 points. The most liquid index fell 15.1 points. The turnover stood at Rs 625 million with two crossings. The crossings took place at JKH. which crossed 495,000 shares at Rs 60.4 million, its shares were trading at Rs 122 and Galle Face Capital Partners crossed two million shares at Rs 38 million, its shares were trading at Rs 90.

In the retail market, the top seven companies that primarily contributed to revenue were; Expolanka Holdings Rs 105.5 million (614,000 shares traded), Browns Investments Rs 63.8 million (8.7 million shares traded), JKH Rs 63.4 million (519,000 shares traded), Lanka IOC Rs 47, 8 million (669,000 shares traded), LOLC Finance Rs 46.4 million (6.6 million shares traded), Kotagala Plantations Rs 15.4 million (3.6 million shares traded), Balangoda Plantations Rs 14, 6 million (326,000 shares traded). During the day, 44.5 million volumes of shares changed hands in 10,000 transactions.

Significant gains are said to have been recorded by the counters in the Plantations sector. Although the yield of tea is low, it fetches a high price due to rupee depreciations. Moreover, with the global economic slowdown, it is said that there will be a strong demand for Sri Lankan tea, stock brokers said. Yesterday, the US dollar exchange rate announced by the Central Bank was 368.75 rupees. The Rupee is controlled and stabilized by the prudent monetary policies of the Central Bank, it is believed.

Jill E. Washington