By Hiran H. Senewiratne
The MSCI World Stock Market Index reports that during the third quarter of this year ending in September, European, Asian and American asset markets, namely commodity and equity markets, fell noticeably . The index further reveals that global stock markets fell 5.2% in the third quarter of this year, stock analysts said.
The MSCI World Index is a comprehensive global equity index that represents the performance of large and mid cap stocks across all 23 developed markets. It covers approximately 85 percent of each country’s float-adjusted market capitalization. Excluding equity markets, gold prices showed an 8.3 percent decline. The US dollar rate appreciated in the third quarter of this year, according to market analysts.
Yesterday, the CSE was flat due to month-end, weekend and quarter-end CSE profit taking. Both CSE indices fell. The All-Share Price Index fell 20.4 points and S and P SL20 fell 6.8 points. The turnover stood at Rs 2.5 billion with eight crossings.
These crosses were reported in Commercial Bank, where 1.1 million shares crossed at Rs 10.2 million, its shares traded at Rs 55, LOLC Finance 11.9 million shares crossed for Rs 100 million and its shares traded at Rs 8.40, JKH 600,000 shares crossed. at Rs 82.8 million, its shares fetched Rs 138, Hunas Falls 900,000 shares crossed at Rs 36 million, its shares traded at Rs 40, Lanka IOC 120,000 shares crossed at Rs 34.6 million, its shares traded at Rs 288, Agstar PLC 1.8 million shares crossed at Rs 39.7 million and its shares recovered at Rs 16.50, CIC Holdings (without voting rights) 400,000 shares crossed at of Rs 28 million, its shares were sold at Rs 70 and CIC (voting) 250,000 shares crossed at Rs 21.2 million shares; its shares reached Rs 85.
In the retail market, the top seven companies which mainly contributed to the turnover were Lanka IOC Rs 225 million (785,000 shares traded), Expolanka Holdings Rs 173 million (800,000 shares traded), CIC Holdings (vote) Rs 153 million (1.7 million shares traded). ), CIC Holdings (non-voting) Rs 118 million (1.7 million shares traded), LOLC Finance Rs 82.3 million (9.3 million shares traded), Lanka Wall Tiles Rs 72.4 million (862,000 shares exchanged) and ACL Cables Rs 66.8 million (582,000 shares exchanged). During the day, 99.4 million volumes of shares changed hands in 25,000 transactions.
Aberdeen Holdings, a Sri Lanka-based diversified conglomerate, sold 5% of its stake in Expack Corrugated Cartons for Rs. 282.5 million with a total of 16.6 million shares traded through 118 transactions. Prices ranged from Rs. 17 to Rs. 17.60 per share. A total of 21.2 million shares changed hands through 978 transactions for Rs. 363 million.
The sale of Expack shares comes in the form of a strategic rebalancing of Aberdeen Holdings’ investment portfolio. Yesterday, the Central Bank announced that the buying rate for the US dollar was Rs 359.16 and the selling rate was Rs 369.91. The rupiah rate has become stable against the US dollar due to the Central Bank’s prudential economic policies, financial sources said.