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Sri Lanka stocks close up 2.6-pct driven by Combank, JKH

ECONOMYNEXT – Sri Lanka’s stocks closed 3.26 percent higher on Thursday with index heavy John Keells and Commercial Bank making gains, recouping previous day’s losses, brokers said.

Colombo’s main, All Share Price Index (ASPI) climbed 151.65 points to 4,806.87 topping 4,700 points two days earlier.

The S&P SL20 Index of more liquid stocks went up by 8.28 percent or 157.57 points to 2,061.17.

Meanwhile, John Keells Holdings stocks gained 7.90 rupees to close at 103.00 rupees a share, contributing most to ASPI’s gain.

Commercial Bank of Ceylon stocks up 8.10 rupees, trading at 70.20 rupees a share while LOLC Holdings stocks adbanced 10.20 rupees to trade at 115.00 rupees a share also contributing to the ASPI’s gain.

Banks continued to make gains, amid a ‘wall-of-worry’, one analysts said.

Market turnover was 2.3 billion rupees with 128 stocks making gains and 39 stocks falling.

Out of 2.3 billion turnover, 79 percent to the turnover was contributed by the banking sector with Hatton National Bank (HNB) generating 1.2 billion rupees and Commercial Bank of Ceylon generating 406 million rupees.

There were also two crossing in HNB and John Keells Holdings counters with HNB having a total of 2.4 million shares traded between 105.00 to 105.50 rupees a share in five crossing and JKH trading 0.75 million shares at 103.00 in two crossing.

The total number of trades in the market reached roughly 12,454, the highest number of trades in this month so far.

In the secondary government securities market, bond yields fell triggered by Central Bank’s second bond buy back auction, dealers said.

A bond maturing on 10.08.2021 was quoted at the moment at 7.00/10 percent on Thursday.

A 2-year bond maturing on 01.10.2022 was quoted at 7.70/80 percent.

A bond maturing on 15.01.2023 was quoted at 7.95/8.00 percent.

A bond maturing on 15.09.2024 was quoted at 8.45/50 percent on Thursday.

A bond maturing on 15.10.2027 was quoted at 8.80/85 percent.

(Colombo/May21/2020)

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