Sri Lanka stocks close 0.60-pct higher, buying in JKH
Tuesday May 21, 2019 15:36
ECONOMYNEXT- Sri Lanka’s stocks closed 0.60 percent higher on Tuesday with buying interest in John Keells Holdings, brokers said.
The All Share Price Index (ASPI) closed 31.57 points up at 5,291.28, after falling from a daily high of 5,304.60 at the end of the morning session.
The more liquid stocks on the S&P SL20 Index closed 0.79 percent or 19.25 points down at 2,466.15.
Market turnover was 330.6 million rupees with 77 stocks gaining and 31 falling.
Net foreign selling continued for the fourth consecutive day with 43.4 million rupees, down from Friday’s net selling of 997 million rupees.
Foreign buying in Lion Brewery Ceylon was 9.5 million rupees and foreign selling in Dialog Axiata was 52.9 million rupees.
Index-heavy John Keells Holdings contributed most to the ASPI gain, closing 2.20 rupees up at 138.20 rupees a share.
CT Holdings closed 13.60 rupees higher at 173.60 rupees a share, and Sri Lanka Telecom ended 1.20 rupees up at 23.50 rupees a share, also helping the ASPI gain.
Dialog Axiata and LOLC Holdings accounted for 50 percent of the daily turnover.
A 90 million rupee crossing of LOLC Holdings took place at 90 rupees a share. LOLC closed 1.30 rupees higher at 89.30 rupees a share.
Turnover from Dialog Axiata stock was 74.1 million rupees, and closed flat at 9 rupees a share.
Speculation was rife that Sri Lanka’s largest pension fund, the Employees’ Provident Fund, had chosen to re-enter the stock market with buying in Dialog or JKH.
Speculation of the EPF’s entrance snapped the market’s downward momentum on Thursday and the positive sentiment has carried on since, brokers said.(Colombo/May21/2019)