The CSE performance yesterday indicated a downward trend because of a high probability of foreign investors exiting the market due to constant rupee depreciation worries, global fuel price increases and lingering Middle East tensions, market analysts said.

Amid those developments both indices moved downwards. The All Share Price Index went down by 86 85 points, while the S and P SL20 declined by 22.47 points.

Turnover stood at Rs 3.44 billion with six crossings. Those crossings were; JKH Rs18 million shares crossed to the tune of Rs 357.2 million (shares traded at Rs 20.40), Access Engineering 2.4 million shares crossed to the tune of Rs 181 million (shares traded at Rs 75.50), Elpitiya Plantations 960,000 shares crossed for Rs 173 million (shares traded at Rs 180), Melstacorp 307000 shares crossed for Rs 58 million (share priced at Rs 183), NDB 500,000 shares crossed to the tune of Rs 56 million (shares traded at Rs 112) and CCS 375,000 shares crossed for Rs 45 million (Share price Rs 119.25).

In the retail market top seven companies that mainly contributed to the turnover were; Janashakthi Rs 349 million (26.5 million shares traded), JKH Rs 216 million (10.6 million shares traded), Kotagala Plantations Rs 146 million (14.4 million shares traded), Melstacorp Rs 103 million (561,000 ,shares traded), Watawela Plantations Rs 78 million (1.6 million shares traded), Dialog Axiata Rs 78 million (2.2 million shares traded) and Digital Mobility Solutions Rs 67 million (443,000 shares traded). During the day 155.8 million share volumes changed hands in 28370 transactions.

It is said that plantation sector counters performed well, especially Watawala Plantations (up Rs 3 at Rs 49.90), Sunshine Holdings (up 70 cents at Rs 32.60 ) and Namunukula Plantations (up Rs 3 at Rs 75).

Further manufacturing sector counters, especially JKH, performed well. The banking sector also performed well slightly, especially NDB

Meanwhile,Lanka Credit and Business Finance saw a rating upgrade from Lanka Rating Agency, from a BB stable outlook to a BB positive outlook. The share was down 1.28 percent at Rs 7.70.

Abans Finance said it had successfully completed its debenture issue, receiving subscriptions for 13.38 million debentures to raise 1.33 Rs billion. The share was down 1.87 percent at Rs105. Yesterday the rupee was quoted at Rs 319.50/320.50 to the US dollar in the spot market, from Rs 319.75/320.60 the previous day in the spot next, dealers said, while bond yields were broadly steady.

By Hiran H Senewiratne