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Sri Lanka stocks close 0.35-pct higher

ECONOMYNEXT- Sri Lanka stocks closed 0.35 percent higher on Commercial Bank of Ceylon, Richard dings, Richard Pieris and Softlogic Holdings with turnover reaching 1.27 billion rupees, provisional data showed.

Colombo’s main All Share Price Index (ASPI) advanced 0.35 percent or 17.80 points to 5,163.35.

The index dropped in the first half hour and continued a sideways movement until noon, after which the index picked up and followed an upward trajectory towards market close.

The S&P SL20 of more liquid stocks climbed 0.14 percent or 3.29 points at 2,290.85.

Market turnover for the day amounted to 1.27 billion rupees with 98 stocks making gains and 51 falling.

Brokers said that market turnover topped more than 1 billion rupees for 15th consecutive day starting from June 08.

A crossing (negotiated trade) in HNB voting shares amounted to 45.8 million while no other crossings were seen in trading.

Banking sector contributed around 551 million rupees for the day’s turnover with Capital goods sector contributing 205.7 million rupees and Diversified financial sector pitching in 202 million.

Analysts falling deposit rates are making investments in the stock market more attractive to some, hence a gradual shift was seen.

Retail activity for the day was high and substantial activity was seen in mid-cap stocks. LOLC Hodings stock held the highest number of trades for the day with 615 trades done.

Commercial Bank of Ceylon dragged the ASPI up, trading 1.56 rupees up at 76.70 rupees a share.

Richard Pieris and Company shares gained 30 cents, trading at 10 rupees a share while Softlogic Holdings went up by 50 cents to 11 rupees a share, also contributing to the ASPI’s gain.

(Colombo/Jun26/2020)

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