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CSE Turnover Reports Ten-Month Low
Posted 23,March

By Chehan Jayasuriya

In Local News

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Stock market indices were seen on the rise for the second day on Monday the 21st, as investors favored retail shares boosted by rupee devaluations, brokers said.

Despite gains on the indices, the turnover for the day amounted to Rs. 1.1 billion, its lowest since May 25th last year and a quarter of this year’s daily average of Rs. 5.4 billion.

The All Share Price Index (ASPI) gained 1.33% or 137.20 points to close at 10,491.03, while S&P SL20 of the most liquid stocks up 0.83% or 29.83 points to close at 3615.30 points.

As the return on risk-free government bonds is expected to move about 13% while 5-year maturities are expected to rise above 15%, analysts expect some investors to move into fixed assets.

Rupee has lost over 40% since its devaluation.

The market has fallen 9.9% this March after losing 11% in the previous month. This has contributed to an overall market loss of 14.7% so far this year, despite the market being one of the world’s best stock markets with an 80% return last year. Rising oil prices, policy rate hikes, a slowing economy, shortage of dollars, fuel and cooking gas, and extended power cuts continue to dampen the sentiment.

So far this year, foreign investors have bought a net of Rs.41.4 million worth of shares while a total foreign outflow of Rs. 2.4 billion was seen.

On Monday, retail counters such as Royal Ceramics Lanka, Commercial Bank, and Cargills contributed the most to the ASPI uptrend. Royal Ceramics Lanka gained 6.5% to close at Rs. 50.70 a share, Commercial Bank of Ceylon gained 16% to close Rs. 78.40 a share while Cargills gained 7.9% to close at Rs. 205 a share.

Despite the market uptrend, Expolanka slipped 0.9% to close at Rs. 257.25 a share.