Share price depreciates at two major corporates; ASPI dips

By Hiran H.Senewiratne

The CSE evinced mixed signals yesterday due to a price depreciation at two major corporates. Consequently, the All Share Price Index moved downwards while the S and P SL20 slightly moved up, market analysts said.

Ceylon Tobacco Company (CTC) and Ceylon Cold Stores (CCS), considered major listed companies at the CSE, had their stock prices moving down, creating a major impact on the All Share Price Index. All Share Price Index moved down by 16.78 points while the S and P SL20 edged up by 2.94 points at the end of day's transactions, market sources said.

CTC, the largest listed company in the market, saw its share prices depreciating by Rs. 19.80 or 1.4 percent at the end of day's trading. Its per share started trading at Rs. 1430 but at the end of the day it moved down to Rs. 1410.20. Further, CCS share prices moved down by Rs. 18.30 or 2.4 percent. Its per share started trading at Rs. 768.30 and at the end of the day the price moved down to Rs. 750.

Amid those developments, the day's turnover stood at Rs. 814.1 million with three crossings. Those crossings came from Commercial Bank; which crossed 1.9 million shares to the tune of Rs. 219.6 million, per share value Rs. 114, Melstacorp, 1.5 million shares crossed for Rs. 76.5 million, per share value Rs. 51 and HNB 300,000 shares crossed for Rs. 61.4 million, per share value Rs. 265.

During the day, companies that mainly contributed to the day's turnover were: JKH Rs. 175.8 million (1.15 million shares traded), Commercial Bank Rs. 138.5 million (1.2 million shares traded), Sampath Bank Rs. 54.3 million (249,000 shares traded), Union Bank Rs. 11.4 million (one million shares traded) and HNB Rs. 9.9 million (48,200 shares traded). During the day 9.8 million share volume changed hands in 2182 transactions.

The Central Bank said last week it would stick to an exchange rate policy of cautious intervention in times of excessive volatility in the forex market.

The policy is designed to maintain a competitive exchange rate and support the rebalancing of the current account, thereby supporting a gradual build-up of reserves, Central Bank chief Dr. Indrajit Coomaraswamy said last week, unveiling economic policies for 2019.

The Central Bank on Wednesday said that the Reserve Bank of India (RBI) had agreed to provide $400 million to it under a regional swap facility and it had also requested a further bilateral swap arrangements of $1 billion.

Sri Lanka plans to increase government spending by 13.2 percent from last year to Rs. 4.47 trillion ($24.51 billion) in 2019, the Finance Ministry said on Tuesday.

Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and an uncertain policy outlook.

Meanwhile, JKSB reports -

ASPI: 5,967.27 (-16.78 pts; -0.28%); Val T/O: Rs. 814mn (US$4.47mn); Vol T/O: 9.8mn; Trades: 2,183

Advance/decline ratio: 83/64; Top gainer: AAF.N (+12.50%) ; Top loser: ALHP.N (-7.69%)


*The ASPI ended lower amid moderate turnover levels. COMB, JKH, and HNB led market activity with crossings also seen in MELS. Trading in COMB amounted to 44% of total turnover.

*Banks, Finance, & Insurance was the most actively traded sector (-0.01%)

*Chemicals & Pharmaceuticals was the best performing sector (+1.90%), supported by gains on CIC.N (+10.57%)

*Footwear & Textiles was the worst performing sector (-2.34%), dragged down by declines on MGT.N (-1.08%)

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