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Sri Lanka stocks close higher pushed by Commercial bank and JKH

ECONOMYNEXT – Sri Lanka stocks closed 0.47 percent higher on index heavy stocks Commercial Bank and John Keells Holdings while the government appointed its 25-member cabinet.

Sri Lanka President Gotabaya Rajapaksa appointed a 25-member cabinet, and 39 state ministers after winning an overwhelming majority under the island’s proportional representation system.

Colombo’s main, All Share Price Index gained 24.17 points to 5,220.57.

ASPI opened the day on a positive note but within few minutes stumbled to reach the intra-days lowest 5,208.97 and again the market picked up and continued the trajectory till closing.

S&P SL20 index of most liquid stocks gained 2.04 percent or 45.42 points to 2,277.20.

Market analysts say that the continuous market rally for the third day could due to re-activation from high-net-worth-individuals.

Market turnover reached 2.7 billion rupees while 81 stocks made gains and equally 81 made losses.

Crossing or negotiated trade in the market too contributed heavily to the market turnover. Eight crossings in Commercial bank counter amounted to 747 million rupees while two crossings in John Keells amounted to 289 million rupees and another crossing in Hatton National Bank was 28 million rupees worth, totalling to 1 billion rupees.

Net foreign sales in the market amounted to a staggering 1.2 billion rupees.

Commercial Bank contributed most to ASPI’s gain, trading 4.40 rupees up at 81.00 rupees a share.

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Other stocks which contributed to ASPI’s gain were John Keells, up 3.20 rupees to trade at 119.20 rupees a share while Sri Lanka Telecom gained a rupee to trade at 29.70 rupees a share.
(Colombo/Aug12/2020)

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