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| Saturday, 9 October 2004 |
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The US dollar, sold at Rs. 104.40 has came down to Rs. 104. 10 in the open market in Pettah yesterday. The buying rate of the US dollar has came down to Rs. 103. 90 from Rs. 104. 30 last week. An official of the Central Bank said that there are signs that the Dollar would stabilise. "The reduction of the US dollar in the black market is one reason for this," he said. The selling rate of the Commercial banks too stabilised at Rs. 104 and this is expected to come down soon. He said many people have a wrong perception that whenever the world oil price rises the US dollar follows suit. "This is not so in the case and the Dollar is dependent on several other factors," he said. Black market prices are mostly decided on bulk orders mainly based on Sri Lankans travelling abroad. "When ever airlines offer special packages the demand for the dollar increases but comes down soon," said a Moneychanger at Main Street. Meanwhile, price indices moved up during trading yesterday with the All Share Price Index (ASPI) moving up by 4.4 points to close at 1449.1 points and the MILANKA Price Index (MPI) moving up by 11.1 points to close at 2141.3 points. Stock Brokers said buying was done on selective stocks and the market activities are bound to improve next week since the micro economic and political situations are becoming favourable. "The rising oil prices in the world market is a serious concern and it will definitely have an impact on the profitability of the corporate sector companies. The impending budget will also have an impact on investor sentiment and the market will move either way accordingly," they said. A total turnover of Rs. 254.4 million was recorded yesterday as against Rs. 237.3 million the previous day. A total of 3,078 trades were concluded during the day. Foreign investors were net sellers in the market with purchases of Rs. 51.5 million and sales of Rs. 81.6 million. Banks, Finance and Insurance, Footwear & Textiles, Hotels and Travels, Trading and Chemicals and Pharmaceuticals sectors recorded significant gains during the day. LB Finance, Udupussellawa Plantation, Vanik Non-voting, York Arcade Holdings and Vanik Voting were among the top gainers while Pegasus Hotel, Parquet and Richard Pierix Exports were amongst top losers. Significant quantities of Vanik, Nations Trust Bank, Blue Diamonds, East West and Ceylinco Insurance were also traded. |
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