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Wednesday June 29th, 2022

Sri Lanka stock gains over 1.5-pct in mid-day trade

ECONOMYNEXT – Sri Lanka’s stock market gained over 1.5% within the first hour of trade on Tuesday (21) recovering some of the losses main the last five-session, as the country, after long delays brought the 21st Amendment to the parliament while IMF discussions began in Colombo.

The main All Share Price Index gained 1.24% or 92.39 points to 7,516.95 at 1130 hrs.

“The market moved on the positives from the 21st Amendment being brought to the parliament and a possible IMF deal however what’s unfolding in the parliament will be crucial for the second-half of the market trade today,” a top market analyst said.

During the parliament session, Sri Lanka’s main oppositions Samagi Jana Balavegaya (SJB) and the JVP-led National People’s Power (NPP) have said they will boycott the parliament sittings for a week as it has become a talk shop and a time waste and offers no solution for the people suffering outside.

Market analysts see this as a crucial point that will impact the 21st Amendment being delayed to be passed in the parliament yet again.

The most liquid S&P SL20 moved up 1.08% or 25.57 points to 2,390.49.

Market generated a turnover of 427 million rupees.

Top gainers at the time of filing were Expolanka, DFCC and Dialog Axiata. (Colombo/June21/2022)

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