Decision on death penalty seen as buoying stock market



By Hiran H.Senewiratne


The decision of the government to selectively implement the death penalty with regard to some hard drug offenders along with the sanctioning of selling fuel at the new prices have increased the confidence of investors in the Colombo Stock Exchange (CSE), our news sources said.


President Maithripala Sirisena  stated at a Cabinet meeting  that he would sign the required orders to implement capital punishment for convicted drug traffickers who carry out large scale drug smuggling operations while in detention and this has boosted investor confidence in the stock market, analysts said.


Consequently, both indices moved upward ,ie, the All Share Price Index  26.15 points and  S and P SL20 by 23.51 points. The day's turnover stood at Rs. 586 million with three crossings reported. Those crossings were; Ceylon Cold Stores 142,000 shares crossed for Rs. 131 million, per share value Rs. 920, Commercial Bank 717,000 shares crossed for Rs. 91 million, per share value Rs. 126.90 and Hemas Holdings 688,000 shares crossed for Rs. 73.6 million, per share value Rs. 107.


In the retail market, companies that mainly contributed to day's turnover were: JKH Rs. 91.3 million (658,000 shares traded), Sampath Bank Rs. 41.6 million (141,000 shares traded) and Ceylinco Insurance Rs. 28 million (17,500 shares traded) During the day 18.8 million shares changed 3508 transactions.


According to market sources yesterday the market was a bit positive and turnover was better compared to previous days as foreign selling pressure drooped due to 'certain prudent decisions on the government's side.'


"Today the market is up with some select institutional investor buying. That will bring positive sentiment to the market," market analysts told The Island Business Review.


"The cautiousness will continue till they see proper direction." analysts said.


Meanwhile, JKSB adds - .


ASPI: 6,118.80 (+26.15 pts;+0.43%); Val T/O: Rs. 586mn (US$3.68mn); Vol T/O: 18.8mn; Trades: 3,508


Advance/decline ratio: 119/51; Top gainer: AINV.N (+50.00%) ; Top loser: SHAL.N (-13.19%)


Highlights:


• The ASPI ended higher amid subdued market turnover. CCS, COMB, and JKH led activity levels including a crossing also seen in HHL. Trading in CCS amounted to 27% of total turnover.


• Banks, Finance, & Insurance was the most actively traded sector (+0.79%)


• Information Technology was the best performing sector (+6.31%), supported by gains on ECL (+2.22%)


• Services was the worst performing sector (-1.00%), dragged down by declines on JKL (-1.58%)


 


 
 
 
 
 
 
 
 
 
 
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