Investors in wait and see approach

Hiran H. Senewiratne

ALTHOUGH MANY companies especially banks have recorded excellent results in the first quarter, the true values for its shares are not reflected in a proper way in the Stock Market, analysts said.

'The excellent performances in the first quarter indicates that fundamentals of those companies are sound,' Bartleet Stockbrokers Business Development Manager Angelo Ranasinghe said.

He said that most investors are adopting a waiting and see approach till the correct signals come from the relevant authorities.

Yesterday, the market was dull and the total equity turnover was Rs 44 million while the number of shares traded in volumes was 1.9 million.

With the current the downward trend All Share Price Index was down by 2 points and the Milanka Price Index dipped by 10 points.

Heavily traded stocks were John Keells Holdings 45,000, National Development Bank 33,000, Distilleries 39,000, HNB (Non Voting) 72,000 and Sri Lanka Telecom 70,000.

The CSE has approved an application for listing of Debentures of Sampath Bank for a Main Board Listing. Date of opening of the subscription list will be released on August 23.

The Bank will issue the prospectus and debenture application to the public on August 15.

The Bank will issue of 10,000,000 Unsecured Subordinated Redeema- ble Debentures of Rs.100/- each. (With an option to issue upto a further 5,000,000 Unsecured Subordinated Redeema- ble Debentures of Rs.100/- each in the event the issue is oversubscribed.)