Investor speculation over CBSL’s monetary policy slows CSE

The CSE’s performance yesterday improved over that of the previous day’s but failed to reach the expected level because investors were concerned about the global economy and the Central Bank’s possible stance at today’s policy review meeting.

The All Share Price Index went down by 9.53 points, while the S and P SL20 declined by 12.06 points. Turnover stood at Rs 1 billion with two crossings.

JKH crossed 4 million shares to the tune of Rs 75.2 million; its shares traded at Rs 18.80 and hSenid 1 million shares crossed for Rs 21.6 million; its shares traded at Rs 21.60.

In the retail market companies that mainly contributed to the turnover were; York Arcade Rs 55 million (6.3 million shares traded), Softlogic Capital Rs 51 million (5.6 million shares traded), Sierra Cables Rs 41 million (1.2 million shares traded), Lanka Realty Investments Rs 39 million (806000 shares traded), RIL Properties Rs 35 million (1.6 million shares traded), Overseas Realty Rs 35 million (162,000 shares traded) and Commercial Credit and Finance Rs 34 million (353,000 shares traded). During the day 59.6 million share volumes changed hands in 16095 transactions.

It is said that manufacturing sector counters, especially JKH, performed well while financial sector counters and construction related sectors significantly performed.

Meanwhile, Resus Energy said two of its subsidiaries have submitted bids within the qualifying price range to set up 16 megawatts (MW) or 64 megawatt-hours (MWh) of battery energy storage systems (BESS).

The proposals were submitted under a limited competitive bidding process for systems integrated with existing ground-mounted solar power plants on a 15-year build, own and operate basis.

Resus Solar (Private) Limited submitted a proposal for 14 MW / 56 MWh, while Resus Eastern Solar (Private) Limited submitted a bid for 2 MW / 8 MWh.

Resus Energy estimated the equity capital needed for the projects at Rs 650 million to Rs 800 million. The projects have been officially awarded.

Yesterday the rupee was quoted weaker at Rs 330.90/331.10 to the US dollar in the spot market from Rs 330.90/331.05 the previous day, while bond yields opened broadly steady, dealers said.