Sri Lanka stocks recover from seven year low
Apr 24, 2019 15:43 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka's stocks recovered 0.20 percent on Wednesday from a seven year low, with trading centred on John Keells Holdings, brokers said.
The All Share Price Index (ASPI) gained 10.97 points to 5,413.55 on Wednesday after falling 203.77 points down on Tuesday, when the market opened for the first time since the Easter Sunday bombings.
Brokerage First Capital said the market reached a seven year low on Tuesday, while Asia Securities said the plunge was the worst in seven years as well.
On Wednesday, the ASPI fell to an intra-day low of 5,392.25 in the first half hour of trading, and had remained low throughout the morning session, before gaining in the afternoon to an intra-day high of 5,421.66 just before market close.
Meanwhile, the more liquid S&P SL20 Index closed 0.80 percent or 20.65 points higher at 2,611.56.
Market turnover was 1.98 billion rupees, with 65 stock prices gaining and 53 falling.
Index-heavy John Keells Holdings (JKH) accounted for 88 percent of the turnover, and closed 30 cents lower at 140 rupees a share, after price volatility throughout the day.
A third of the JKH volumes were foreign purchases, brokers said.
Foreign inflows to the market reached a near-one year high, at 1.8 billion rupees, First Capital said.
Net inflows to the market totalled 1.3 billion rupees.
Distilleries Company of Sri Lanka contributed most to the ASPI movement, closing 50 cents higher at 14.60 rupees a share.
In banking stock, Sampath Bank closed 30 cents lower at 154.70 rupees a share, but most others gained, with Commercial Bank closing 20 cents higher at 93 rupees a share and NDB Bank closing 2.90 rupees higher at 98.90 rupees a share. (Colombo/Apr24/2019- updated 17:25-SB)