Decline in world maize prices has energizing impact on bourse

By Hiran H. Senewiratne

The CSE evinced mixed reactions yesterday due to selling pressure noted in banking sector counters. But on top of that, poultry sector counters were buoyant due to a price decline in world maize prices, market analysts observed.

Global maize (corn) prices ended the second quarter of 2023 in a downward trend, which was accompanied by a significant decline in global demand and retarded production momentum. This has positively impacted the poultry industry not only globally but in Sri Lanka as well. Due to the price decline in maize prices, most listed poultry sector counters too performed well in the stock market, market analysts said.

The All- Share Price Index went down by 4.14 points and S and P SL20 declined by 3.12 points. Turnover stood at 1.65 billion with three crossings. Those crossings were reported in Sampath Bank, which crossed 700,000 shares to the tune of Rs 50 million; its shares traded at Rs 71.70, JKH 250,000 shares crossed for Rs 45 million and its shares sold at Rs 180 and Grain Elevators 120,000 shares crossed to the tune of Rs 20.4 million; its share fetched Rs 170.

In the retail market top seven companies that mainly contributed to the turnover were; Asian Hotel Properties Rs 173 million, 93.2 million shares traded, Grain Elevators Rs 169 million (990,000 shares traded), Capital Alliance Rs 95.3 million (1.2 million shares traded), JKH Rs 93.4 million (519,000 shares traded), Lanka IOC Rs 86 million (756,000 shares traded), Chevron Lubricants Rs 59.3 million (631,000 shares traded) and NTB Rs 52.2 million (470,000 shares traded). During the day 47 million share volumes changed hands in 15893 transactions.

Yesterday the rupee opened at Rs 323.85/324.25 to the US dollar after closing at Rs 324.00/25 to the US dollar the previous day, dealers said.

A bond maturing on 01.05.2028 was quoted up at 14.75/95 percent on Tuesday after closing at 13.90/14.10 percent on Monday. A bond maturing on 15.09.2027 was quoted stable at 14.50/15.30 percent after closing at 14.50/15.00 percent. A bond maturing on 15.05.2026 was quoted at up at 15.60/16.00 percent after closing at 15.55/16.00 percent on Friday.