Sri Lanka stock close higher recouping some losses

ECONOMYNEXT – Sri Lanka stocks closed 2.99 per cent higher Wednesday recouping some losses a day after the biggest one day point fall in its history, brokers said.

The Benchmark All Share Index recovered and came under selling pressure twice in the day fallig to an intra-day low of 7,975.97 points, before closing at 8,244.50 points up 239.18 points.

The S&P SL20 of more liquid stocks gained 3.33 per cent or 106.07 points to close at 3,293.45.

Turnover was 6.2 billion rupees.

“The drop the market yesterday was sentiment-driven and the fundamentals and earning potential of the companies haven’t changed,” Naveed Majeed, Co-Head of Research Asia Securities said.

“So this provides an attractive option for investors to get back to the market as we saw today.”

Net foreign sales were 285 million rupees.

The market value of stocks grew 104.5 billion rupees, recovering some of the 245 billion rupees lost on Tuesday

Royal Ceramic Lanka closed 15.50 rupees up at 335.25 rupees amid a dramatic reversal of an import relaxation.

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Sri Lanka’s rupee came under pressure amid money printing in 2020, which triggered import controls. Low rates from excess liquidity had also driven up stocks.

Lanka Ceramic closed 6.75 rupees down at 170.25 rupees.

LOLC Holdings gained 19.25 rupees to close 485.75 rupees a share contributing most for the ASPI gain.

LOLC Development Finance, a part of LOLC holdings, closed flat at 103.25 rupees a share.

John Keells Holdings gained 3.25 rupees to close at 159.00 rupees, with a market capital of 209.7 billion rupees.

Browns Investments, closed flat at 6.40 rupees a share while its parent Brown and Company gained 8.50 rupees to close at 208.25 rupees.

Vallibel One, controlled by Dhammika Perera closed 3.20 rupees up at 69.50 rupees with 75 billion rupees of market capitalization. LB Finance fell 1.00 rupees to close at 257.00 rupees.

Hayleys Plc, gained 23.25 rupees to close at 734.50 rupees a share with key subsidiaries Dipped Products gaining 51.25 rupees to close at 664.50 rupees and Haycarb Plc gaining 60.25 rupees to close at 1,120.50 rupees.

The Kingsbury Plc another subsidiary of Hayleys group closed flat at 12.50 rupees.

Hatton National Bank closed 5.50 rupees up at 144.50 rupees, Commercial Bank of Ceylon gained 3.10 rupees to close at 93.00 rupees, DFCC Bank closed 2.90 rupees up at 68.90 rupees while Sampath
at 75 cents down at 179.75 rupees.

Nations trust bank gained 1.50 rupees to close at 61.90 rupees and Seylan Bank gained 4.40 rupees to close at 57.30 rupees while Pan Asia Banking Corporation gained 70 cents to close at 19.10 rupees.

Central Finance Company gained 9.50 rupees to close at 120.00 rupees, Alliance Finance Company gained 90 cents to close at 55.00 rupees and Citizens Development Business Finance gained 4.75 rupees to close at 120.00 rupees.

Sinhaputhra Finance closed 20 cents down up at 8.30 rupees a share while Housing Development Finance gained 2.90 rupees to close at 40.80 rupees and Softlogic finance closed 30 cents up at 11.80 rupees a share.

Cargills Ceylon gained 3.75 rupees a share to close at 239.50 rupees, Hemas Holdings gained 3.70 rupees to 93.50 rupees, Distilleries Company gained 20 cents to close at 21.20 rupees and Melstacorp gained 2.60 rupees a share to close at 62.40 rupees.

In the hotel sector, Eden Hotel Lanka gained 20 cents to close at 11.70 rupees and John Keels Hotels closed 10 cents up at 10.90 rupees a share, Sigiriya Village hotel closed 50 cents up at 37.50 rupees, Aitken Spence Hotel Holdings gained 2.00 rupees to close at 33.90 rupees.

Ceylon Tobacco Company gained 18.75 rupees to close at 1,114.25 rupees while Ceylon Cold stores closed 3.75 rupees up at 689.50 rupees.

Carson Cumberbatch gained 9.00 rupees to close at 313.00 rupees while Access Engineering gained 80 cents to close at 27.00 rupees.

Nestle Lanka closed 19.00 rupees down at 1,216.25 rupees while Aitken Spence Plc closed 2.10 rupees up at 66.70 rupees.

Sri Lanka Telecom closed 1.10 rupees up at 37.00 rupees, Dialog Axiata closed 20 cents up at 12.50 rupees while and Richard Pieris and Company closed 1.00 rupees up at 15.90 rupees.

EB Creasy and Company closed flat at 5,613.75 rupees.

The Capital Goods Industry was the most active, gained 3.3 percent and Diversified Financial Industry which was also active gained 3.8 percent today. (Colombo/Feb03/2021)

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