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CSE recovers remarkably as ASPI registers historic highest single-day points gain

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by Hiran H. Senewiratne

The bourse bounced back yesterday in a remarkable manner with the All- Share Price Index making its biggest single-day points gain in history, following an approximately 1000 points plunge over two consecutive days, stock market analysts said.

The stock market recovered well as investors remained concerned over high volatility in the macroeconomic situation. But with the bouncing back of the stock market, especially blue -chip counters witnessed significant gains during the trading, market analysts said.

The reason for the stock market to move upwards after a two- day steep decline, is because investors have a gut feeling that the government would go for an IMF bailout. Further, economists emphasize that the strategy of import restriction initiated by the Minister of Finance Basil Rajapaksa would help create better financial stability, while helping to properly manage the prevailing economic situation in the country.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 692.35 points to end at 10856.07 points and the S and P SL20 rose by 325 points to end the day at 3763 points. Turnover stood at Rs 3.5 billion sans a single crossing.

In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 1.3 billion (4.8 million shares traded), Browns Investments Rs 473 million (43.3 million shares traded), LOLC Finance Rs 180 million (10.6 million shares traded), LOLC Holdings Rs 175 million (205,000 shares traded), Royal Ceramic Rs 127 million (2.4 million shares traded), Softlogic Life Insurance Rs 93.7 million (952,000 shares traded) and Commercial Leasing and Finance Rs 88.7 million (2.7 million shares traded) . During the day 121 million share volumes changed hands in 32000 transactions.

Several blue-chip counters witnessed significant gains. Those were Expolanka Holdings, whose share price appreciated by 20 per cent or Rs 47. Its share price shot up to Rs 287.25 from Rs 240.25, Browns Investments share price appreciated by 18 per cent or Rs 1.70. Its share price moved to Rs 11.40 from Rs 9.70, LOLC Holdings share price appreciated by Rs 81 or 10 per cent. Its share price moved to Rs 876.75 from Rs 795.75, Royal Ceramic witnessed Rs 6.60 or a 14 per cent gain. Its share price moved to Rs 55.10 from Rs 48.50 and Hayleys share price appreciated by 14 per cent or Rs 13. Its shares shot up to Rs 107.50 from Rs 94.50.

It is said that high net worth and institutional investor participation was noted in Hemas Holdings, JKH and Royal Ceramics. Mixed interest was observed in Expolanka Holdings, Lanka Orix Finance and LOLC Holdings, while retail interest was noted in Browns Investments and Industrial Asphalts. Separately, Ceylon Cold Stores announced an interim dividend of 80 cents per share.

Yesterday, the rupee hit 260 to the US dollar in the interbank market and banks have started selling dollars at 250/260 for telegraphic transfers as a float of the rupee progresses steadily. However, the Central Bank rate is Rs 229.33.



Business

Sri Lanka’s economic confidence index plummets

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‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.

Key findings of the survey:

Government approval rating drops from 10% to 3%

The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.

The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.

1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.

2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.

3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.

Implementation of “Mood of

the Nation”

The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.

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Decline in share market in the wake of rate hike reports

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By Hiran H.Senewiratne

CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.

“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.

Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.

Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.

The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.

Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.

Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.

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Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’

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In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.

The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.

With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision

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