WB forecast buoys bourse but weak investor participation slows momentum
By Hiran H. Senewiratne The CSE yesterday kicked off on a positive note due to a World Bank forecast that Sri Lanka could achieve 4.4 percent economic growth this year but later lost momentum due to weak investor participation. Amid those developments both indices moved upwards. The All Share Price Index went up by 132 […]
The Colombo Stock Exchange (CSE) commenced trading on a high note on Monday, buoyed by a positive forecast from the World Bank. The World Bank projected that Sri Lanka would experience a 4.4 percent economic growth rate for the year. However, the momentum of the trading session was dampened by a lack of investor enthusiasm. Despite these contrasting factors, both major indices, the All Share Price Index and the S and P SL20, made gains, with the former climbing 132 points and the latter rising 21.02 points.
Trading volume for the day reached Rs 1.97 billion, with three stocks witnessing heightened activity. Lanka IOC led the pack, with 2.7 million shares trading hands, generating proceeds of Rs 470 million. CCS also saw significant trading, with 2.7 million shares changing hands for Rs 315 million. JKH completed the top three in terms of volume, with 5 million shares traded at Rs 91.5 million.
Beyond the three listed above, other key participants included Commercial Credit and Finance, Asiri Surgical Hospitals, Commercial Bank, Sampath Bank, HNB, and Tokyo Cement. Collectively, these stocks helped contribute to a total turnover amounting to Rs 1.97 billion.
Financial performance was reportedly strong in the petroleum sector, particularly for Lanka IOC. Meanwhile, the banking sector, led by Commercial Bank and Sampath Bank, also demonstrated robust performance. JKH's manufacturing sector showed promise, further boosting the stock's value.
On a separate note, TAL Lanka Hotels announced plans for an Extraordinary General Meeting on October 29. The purpose of this meeting is to seek shareholder approval for a Rs 1.87 billion rights issue. The funds raised will be allocated towards repaying bank loans, partial refurbishment of the Taj Samudra Hotel in Colombo, settling vendor liabilities, and addressing general corporate needs.
In the forex market, the rupee traded at Rs 330.95/331.05 per US dollar, a slight depreciation from the previous day's close of Rs 330.85/95. Bond yields remained broadly steady, as reported by dealers.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
