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Sri Lanka markets quiet after election

ECONOMYNEXT – Sri Lanka’s stocks opened higher after general elections results gave a large majority to the party of President Gotabaya Rajapaksa but lost momentum amid selling pressure to close flat, dealers said.

The rupee was quoted at 185.22/27 in late afternoon trading.

Rupee closed on Thursday 185.46/54 to the US dollar.

In equities market, Colombo’s All Share Price Index closed 0.37 points down at 5,176.48.

The S&P SL20 index of most liquid stocks however gained 0.34 percent or 7.65 points to close at 2227.19.

ASPI according to an analyst reacted very positively in the morning gaining 20 points however due to retailer profit taking the index ended flat.

The analyst also added that the positive sentiment stemmed from the election has already factored into the market and the market confidence is there, but the continuity of the current sentiment will depend on the new ministerial appointment and polices.

Market turnover was 1.59 billion rupees with 67 stocks gaining and 90 stocks falling.

Nestle Lanka contributed most to ASPI’s fall, trading 13.00 rupees down at 1,072.10 rupees a share.

Commercial Leasing and Finance stocks down 10 cents to trade at 3.00 rupees a share and Dilmah Ceylon Tea Company stocks fell 21.50 rupees to trade at 626.00 rupees a share, also contributing ASPI’s fall.

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On the other end, index heavy John Keells Holdings gained 1.00 rupees a share to 114.90, Dialog Axiata stocks up 10 cents to trade at 11.40 rupees a share.

Sri Lanka Podujana Party of President Gotabaya Rajapaksa won a clear majority in the 2020 parliamentary election out of declared 225 assembly sweeping most electoral districts in the South of the country.

The campaign headed by Prime Minister Mahinda Rajapaksa sought a two-thirds majority to change the constitution.

In the secondary markets, bonds yields remained flat in dull market trade, dealers said.
(Colombo/AUG07/2020)

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