Sri Lanka stocks bounce back from coronavirus scare

ECONOMYNEXT- Sri Lanka’s stocks closed on a positive note, 0.87 percent higher on Wednesday recovering from a nosedive yesterday dragged down by reports of Coronavirus.

The ASPI advanced 51.49 points closing at 5,936.30 today following an upward momentum throughout the day.

The S&P SL20 Index of more liquid stocks closed 0.75 percent or 21.00 points up at 2,838.73.

Sri Lankan hotels sector stocks which slumped yesterday as the market reacted to Coronavirus reports snapped back with 19 hotels gaining and only five counters falling.

The hotels index recorded the highest fall among industry indices on Tuesday, falling 2.37 percent from Monday.

Market turnover was 1.1 billion rupees dominated by six crossings, with 92 stocks gaining and 43 falling.

A 230 million rupee crossing in Commercial Bank of Ceylon, 986 million rupee crossing in Sampath Bank, 40 million rupees in Hatton National Bank and 46.8 million rupees in Nations Trust Bank boosted turnover.

Retail acivity was moderate, brokers said, with a total of 3800 shares transacted.

Ceylon Tobacco Company, boosted the ASPI on Wednesday, closing 19.90 rupees or 1.84 percent higher at 1,099.90 rupees a share.

Distilleries Company of Sri Lanka gained 70 cents or 4.05 percent, closing at 18 rupees a share while LOLC Holdings climbed 4.90 rupees or 3.22 percent to 165.90 rupees a share also contributed to the ASPI’s gain.

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The world market dropped on Monday and recovered the next day, thereby Sri Lanka stock market is experiencing this recovery now, brokers said.

(Colombo/Jan29/2020)

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