SLT-MOBITEL National Business Directory Introduces Improved eDirectory and Website – The Island

By Hiran H. Senwiratne

CSE trading was seen as negative throughout yesterday as the large-cap exchange, Expolanka Holdings’ quarterly results fell short of expected levels last week.

That dampened investor sentiment significantly, stock analysts said.

The government and its creditors, which include India, China, Japan and some private bondholders, will discuss the country’s debt restructuring at length at their next meeting. But the delay in the IMF bailout deal had a negative impact on investor sentiment, market analysts said.

Given these bleak external and internal environmental factors, selling pressure was noted across most blue chip companies, market analysts added.

Expolanka Holdings and Lanka IOC were among the blue chip companies that depressed the market. Both indexes have fallen. The All-Share Price Index fell 126 points and S and P SL2O fell 51.7 points. The turnover amounted to Rs 1.08 billion without a single crossing.

In the retail market, the top seven companies that primarily contributed to revenue were; Expolanka Holdings Rs 369 million (2.4 million shares traded), Lanka IOC Rs 147 million (789,000 shares traded),

Browns Investments Rs 57.7 million (9.5 million shares traded), LOLC Finance Rs 32.4 million (4.7 million shares traded), Hemas Holdings Rs 31.6 million (575,000 shares traded), Lanka Walltiles Rs 24.1 million (397,000 shares traded) and JKH Rs 22.2 million (167,000 shares traded). During the day, 42.8 million volumes of shares changed hands in 13,000 transactions.

Foreign investors were net buyers in the stock market, buying Rs 141.6 million worth of shares, while domestic investors were net sellers, offloading shares worth Rs 1 billion, as reported on Friday last.

Meanwhile, the proprietary LMD-Nielsen IQ (BCI) Business Confidence Index offers some semblance of relief; it climbed an encouraging 13 basis points to 89 in October, from 76 in September, reports the business magazine LMD in its latest edition.

“Little comfort, however, because it must be recognized that two out of five households would be malnourished today. This will give listed companies a positive sentiment, market analysts said.

Yesterday, the Central Bank announced that the buying rate for the US dollar was Rs 360.65 and the selling rate was Rs 371.21.

Calvin W. Soper