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Thursday December 9th, 2021
Markets

Sri Lanka shares edge down ahead monetary policy announcement

ECONOMYNEXT – Sri Lanka’s share index slipped 0.17 percent on Wednesday (24) reversing a two-session gaining streak a day ahead of the central bank’s monetary policy announcement, brokers said.

“There is a lot of uncertainty in the market at the moment because some are predicting a rate hike while others are saying there won’t be,” a Colombo-based market analyst said.

He also said Agri stocks saw a revival after the government reversed its ban on chemical fertiliser imports and allowed private firms to import.

All Share Price Index fell 18.54 points to close at 10,910.06.

S&P SL20 index of the most liquid share down 0.01 per cent or 0.23 points to close at 3,747.30.

Analysts also cautioned about signs of market peaking off because of heavy speculative trading amid expert investors are moving aside while newcomers are driving the herd mentality with speculators are cashing out or moving into more fundamentally strong counters.

Analysts had already predicted market adjustment ahead of the monetary policy meeting.

Foreign investors sold a net of 104 million rupees’ worth of shares, extending the net foreign inflow to 47.8 billion rupees so far this year.

The day’s turnover was 7.5 billion rupees above this year’s average daily turnover of 4 billion rupees.

The fall was led by Commercial Leasing and Finance Holdings, LOLC Finance and Expolanka.

Commercial Leasing and Finance slipped 3.89 percent to close at 64.20 rupees a share.

LOLC Finance fell 7.25 percent to close at 24.30 rupees a share while Expolanka closed 2.04 percent to close at 227.75 rupees a share. (Colombo/Nov24/2021)

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