Share market investors exercising caution until completion of external debt restructuring

By Hiran H.Senewiratne

Local and foreign investors yesterday adopted a cautious stance in the stock market until the external debt restructuring exercise is completed to enable them to invest in the market in a significant manner, market analysts observed.

Paris Club and Non Paris Club creditors and China have acted in a positive manner in the recent past to restructure local debt to facilitate the IMF in its efforts to assist Sri Lanka. Both indices, however, moved downwards. The All Share Price Index went down by 41.73 points and S and P SL20 declined by 20 points.

Turnover stood at Rs 508 million with one crossing. The crossing was reported in Aggrapathana Plantation, which crossed 80 million shares to the tune of Rs 60 million; its shares traded at Rs 7.50.

In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 49.8 million (347,000 shares traded), Commercial Bank Rs 28.7 million (304,000 shares traded), Sampath Bank Rs 27.6 million (380,000 shares traded), Grain Elevators Rs 24.2 million (143,000 shares traded) PGP Glass Rs 21.5 million (786,000 shares traded), Lee Hedges Rs 18.1 million (251,000 shares traded) and UB Finance Rs 18.9 million (28.2 million shares traded). During the day 53.9 million share volumes changed hands in 6000 transactions.Yesterday the dollar buying rate was Rs 321.69 and selling rate Rs 331.50.