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Sri Lanka stocks close 3.7-pct up reaching pre-lockdown levels

ECONOMYNEXT- Sri Lanka stocks closed 3.78 percent higher driven by high retail activity in a broad-based rally with the index reaching levels seen before the market was closed for Coroanvirus curfews, brokers said.

Colombo’s All Share Price Index (ASPI) gained 3.78 percent or 167.81 points up at 4, 606.85 going beyond pre-lockdown level.

The index continued a steady upward trajectory throughout trading.

The market has recovered losses made on May 11, when the All Share Index started to fall from 4,571.63 point.

The S&P SL20 if more liquid stocks closed 5.80 percent or 101.79 points higher at 1,857.30.

Market turnover was 1.06 billion with 151 stocks making gains and 21 stocks falling in a broad-based rally.

There were retail and high net worth activity, brokers said.

Monday’s turnover was boosted by JKH with 330.9 million rupees in turnover along with Commercial Bank of Ceylon contributing 273 million rupees.

Retail activity was very high with 11,296 trades done within the day.

Four crossings in John Keells amounted to 158 million rupees while three crossings in Commercial Bank amounted to 98 million rupees.

Commercial Bank share climbed 1.30 rupees to 56.10 rupees a share with 1300 trades done.

Brokers said that shares such as John Keells Holdings and  Royal Ceramic went up more than 10 percent.

Sri Lanka’s economy has weak macro-economic management with the deficit set to rise and tendency for monetary instability to be triggered on any strong recovery of domestic credit, but the country has made major gain in the fight against Coronavius.

Bank shares made strong rallied, CSE trading data showed.

National Development Bank (NDB) gained 10.00 rupees to 70.00 rupees a share, Hatton National Bnk went up 80 cents to 95.80 rupees while Sampath bank went up by 3.60 rupees to 112.60 rupees a share.

Index-heavy John Keells Holdings share went up by 7.60 rupees to trade at 88.10 rupees a share, contributing most to the ASPI’s gain. John Keells recorded a number of 960 trades for the day.

Dialog Axiata share traded 70 cents up at 9.50 rupees a share while Ceylon Tobacco Company share went up by 29.7 rupees to 920.00 rupees a share, also contributing to the ASPI’s gain.

(Colombo/18May/2020)

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