CSE sustains buoyancy in the wake of govt.-IMF progress monitoring talks

By Hiran H. Senewiratne

The stock market’s behaviour yesterday was positive throughout the day. Sri Lankan government representatives met with a team from the International Monetary Fund who are in the island to review the progress in meeting the conditions for the IMF’s Extended Fund Facility (EFF).

“We marked the inaugural meeting for the IMF’s first review of the EFF programme at the Presidential Secretariat, State Minister of Finance Shehan Semasinghe said in his Twitter account.

“We are collaborating closely with the IMF team throughout this process to overcome the challenges ahead of us, he added.

Semasinghe said the government, “Is fully committed to establishing a sustainable economy.”

Consequently, the All- Share Price Index went up by 93.8 points and S and P SL20 rose by 29.12 points Turnover stood at Rs 1.4 billion with three crossings. Those crossings were reported in Chevron Lubricants, where 495,000 shares crossed to the tune of Rs 45.5 million, its shares traded at Rs 92, People’s Leasing and Finance 2 million shares crossed for Rs 23.2 million; its shares traded at Rs 11.60 and Hayleys 210,000 shares crossed to the tune of R s20.3 million; its shares sold at Rs 97.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 146.8 million (773,000 shares traded), Hayleys Rs 83.2 million (862,000 shares traded), Melstacope Rs 68.4 million (773,000 shares traded), ACL Cables Rs 62.2 million (769000 shares traded) Access Engineering Rs 61.6 million (3.2 million shares traded), Distilleries Rs 56.4 million (2 million shares traded) and Sampath Bank Rs 53.1 million (737,000 shares traded). During the day 51.2 million share volumes changed hands in 15000 transactions.

Yesterday the rupee opened up at Rs 324.00/325.00 to the US dollar from Wednesday’s close at Rs 323.50/324.50 to the US dollar, dealers said.Bond yields were up. A bond maturing on 01.08.2026 was quoted up at 14.90/15.10 percent from 14.85/15.10 percent. A bond maturing on 01.05.2028 was quoted up at 14.05/25 from 14.00/25 percent a day earlier.