Investors observing how tax cuts would influence stock market

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE) was sluggish yesterday as  investors were observing how the new tax cuts announced by the government would impact the economy. Due to that the most of stock prices in the market remained stagnant, stock market analysts said.

Due to that market showed mixed reactions ie All Share Price Index up by 3.26 points and S and P SL20 down by 14.21 points down. The day's turnover stood at Rs 703 million with three crossings. Those were reported from Central Finance, which crossed 1.36 million share to the tune of Rs 135.6 million per share value Rs 100 and Sampath Bank 140,000 shares crossed for Rs 24.2 million per share value Rs 173.

In the retail market companies that mainly contributed to day's turnover were Sampath Bank Rs 30.3 million (750,000 shares traded), Dialog Rs 30.2 million (2.26 million shares traded), Overseas Realities Rs 28.7 million (1.8 million shares traded), Hayleys Fabrics Rs 26.5 million (1.5 million shares traded) and Swiss Tech Rs 26.2 million (490,000 shares traded). During the day 38.8 million share volume changed hands in 8067 transactions.      

JKH Rs 1.60 to Rs 12.50 a share, Aitken Spence Hotels Holdings gained Rs 3.60 to Rs 30.90  a share and Sri Lanka Telecom was up 60 cents to Rs 33.50 contributing to ASPI’s gain.

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