CSE indices on upward trajectory

By Hiran H.Senewiratne

Both CSE indices moved up yesterday, ie, the All Share Price Index by 35.31 points and S and P SL20 by 18.5 points. The day's turnover stood at Rs. 533.3 million, with one crossing. The crossing came from JKH, which crossed 726,600 shares for Rs. 116.3 million at a per share value of Rs. 160.

In the retail market companies that mainly contributed to the day's turnover were; JKH Rs. 93.3 million (580,000 shares traded), Janashakthi Insurance Rs. 55.2 million (1.9 million shares traded), Access Engineering Rs. 37.7 million (one million shares traded), Seylan Bank (Non Voting) Rs. 36.75 million (825,000 shares traded) and Sampath Bank Rs. 32.8 million (136,000 shares traded). During the day 25.1 million share volumes changed hands in 4975 transactions.Janashakthi Insurance Company, Orient Finance and Softlogic Life Insurance were the most actively traded shares and among the highest gainers, the first two on takeover speculation, brokers said.

This year, there have been  Rs. 18.7 billion of outflows from stocks and Rs. 123.2 billion from government securities, the latest data from the bourse and Central Bank data showed.  The rupee ended at 179.20/25 per dollar on Wednesday, compared with 179.00/20 the previous session. It has weakened about 3.4 percent since the political crisis began. The currency fell 1.8 percent in November and 16.8 percent so far this year.The Central Bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

Five-year government bond yields have risen 45 basis points since the political crisis unfolded on Oct. 26, while yields on Sri Lanka’s dollar bonds due in 2022 have risen by more than a percentage point to 8.13 percent since the crisis began.

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