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Thursday December 9th, 2021
Markets

Sri Lanka stock index touches fresh peak on earning hopes

ECONOMYNEXT– Sri Lanka stock index reached a new all-time high on Tuesday continuing as earning hopes helped boost investors sentiment , brokers said.

The Colombo benchmark All Share Price Index (ASPI) closed 0.80 percent or 80.24 points higher to close at a new all-time high of 10,127.04.

The index touched an intraday peak of 10,145.33 in the last hour of the trading.

The S&P SL20 index of more liquid stocks gained 0.49 percent or 17.95 points to close at 3,662.68.

Analyst said the market is positive on earnings reports coming out this week.

“Every listed company is expected to come up with better earning due to lower base last year. For export related companies, the rupee depreciation will be an additional bonus,” a broker said.

Another broker said the market will have the same sentiment until the returns of the fixed assets rise to double digits.

Foreign investors, however, sold a net of 69.3 million rupees’ worth of shares on Tuesday. The market has suffered a net the foreign outflow of over 44.9 billion rupees so far this year.

The day’s turnover was 6.7 billion rupees, above this year’s average daily turnover of over 4 billion rupees.

The gain was led by Commercial Leasing and Finance, Brown investments and John Keells Holdings.

Commercial Leasing and Finance gained 4.92 percent to close at 44.80 rupees a share.

Brown Investments, a subsidiary of the LOLC Holdings, gained 7.48 percent to close at 11.50 rupees a share.

John Keells Holdings gained 1.77 percent to close at 143.50 rupees a share.

Due to profit taking by the investors, Expolanka Holdings, the market heavyweight which has a significant export component in its business, fell 0.78 percent to close at 222.50 rupees a share.

The bourse saw 116 stocks gaining against 80 falling on Tuesday.

The most active Capital Goods Industry group gained 1.6 percent while the Food, Beverage and Tobacco group index gained 1.4 percent. (Colombo/Oct26/2021)

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