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By Hiran H.Senewiratne  

CSE activities were bearish throughout yesterday due to a report in the international media that Sri Lanka’s sovereign bonds have witnessed a steep decline. They were said to be trading 40 percent below par value, stock market analysts said.  

Accordingly, the market dipped by nearly 2 percent for the second consecutive day, sending the benchmark index below 8,000 points, stock market analysts said.

Further, rating agencies downgraded Sri Lanka twice in the recent past. Another rating revision would negatively impact the credibility of the country and it could be painful for the country, market analysts said. 

Accordingly, Hayleys Group of companies witnessed a dip in their share prices.  Haycarb  was the main minus points contributor to the All Share Price Index yesterday. 

With the bearish market condition both indices moved downwards. All Share Price Index went down by 231.34 points and S and P SL-20 declined by 80.01 points. Turnover stood at Rs. 5.12 billion with a single crossing. The crossing was reported in Seylan Bank (Non Voting), which crossed 400,000 shares to the tune of Rs. 20 million; its shares traded at Rs. 50.

In the retail market, top five companies that mainly contributed to the turnover were, Dipped Products Rs. 573.4 million (839,000 shares traded), Sunshine Holdings Rs. 531 million (6.62 million shares traded), Haycarb Rs. 488 million (417,000 shares traded), JKH Rs. 352 million (2.27 million shares traded) and Expolanka Holdings  Rs. 338 million (6.75 million shares traded). During the day, 171 million share volumes changed hands in 35211 transactions. 

Amid those developments 214 companies’ share prices witnessed a decline and only eight companies reported an appreciation in their share prices. 

Sri Lanka rupee was quoted weaker around 195.50/196.50 levels in the spot market in early trade on Wednesday, while bond yield were steady, dealers said.

The rupee closed wide 194.00/196.50 to the US dollar on Tuesday. In the secondary market, bond yields remained flat in dull market trade, dealers said.