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Friday July 12th, 2024

Sri Lanka stocks close up, renewed foreign interest

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, data on its site showed.

The broader All Share Index closed up 0.18 percent, or 22.49 points, at 12,271; while the more liquid S&P SL20 Index closed up 0.68 percent, or 24.66 points, at 3,634.

Turnover was 1.3 billion. A part of this (Rs209mn) came from trades on John Keells Holdings Plc. The share closed up at 206.50.

“This was from foreign buying,” market participants said. “There is renewed foreign interest now that Sri Lanka has announced debt restructuring is close to being finalised.”

“The market has seen days of consecutive foreign inflows, which is a positive sign. We’ve bee waiting for this, and now we are witnessing it. It’s encouraging for participants.”

Sri Lanka’s president announced that the country was on the verge of debt restructuring.

Banking stocks did well in the day. Sampath Bank Plc was up at 79.70, Commercial Bank Of Ceylon Plc was up at 105.75, and National Development Bank Plc closed up at 80.00.

Foreign buying was seen on Hemas Holdings Plc (up at 85.30), LB Finance Plc (up at 71.80), Distilleries Company of Sri Lanka Plc (up at 26.90), Resus Energy Plc (up at 23.00), and Haycarb Plc (up at 83.00).

Top contributors to the index included Hatton National Bank Plc (up at 205.00), Carson Cumberbatch Plc (up at 300.00) and DFCC Bank Plc (up at 78.10). (Colombo/Jun24/2024)

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Sri Lanka appoints new Attorney General

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has appointed K A Parinda Ranasinghe PC as Attorney General.

He was appointed in terms of Article 61E (b) of the Constitution of Sri Lanka, the president’s media division said.

The new AG received the appointment from President Wickremesinghe at the Presidential Secretariat on Friday.

He fills the post after the retirement of former Attorney General Sanjay Rajaratnam. (Colombo/Jul12/2024)

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Sri Lanka rupee closes stronger at 301.70/302.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger at 301.70/302.00 to the US dollar on Friday, from 302.80/303.00 to the US dollar on Thursday, dealers said, while bond yields were up.

A bond maturing on 15.12.2026 closed at 10.90/11.00 percent, up from 10.85/95 percent.

A bond maturing on 15.12.2027 closed at 11.75/80 percent, up from 11.80/88 percent.

A bond maturing on 01.05.2028 closed at 11.90/12.00 percent.

A bond maturing on 15.09.2029 closed at 12.10/30 percent, up from 12.15/25 percent. (Colombo/Jul12/2024)

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Sri Lanka stocks close up, muted activity

ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed.

The broader All Share Index closed up 0.35 percent, or 41.71 points, at 11,843; while the more liquid S&P SL20 Index closed up 0.56 percent, or 19.20 points, at 3,454.

Turnover was low at 653 million.

“The market picked up a bit from yesterday but it’s still below the psychological 12,000 mark,” Softlogic Stockbrokers said.

“Local retail participation drove the market predominantly.”

John Keells Holdings Plc brought in Rs109mn to the turnover, and the share closed flat at 194.50.

Melstacorp Plc contributed in Rs104mn to the turnover, and the share closed flat at 85.00.

Sentiment around the banking counters was mostly negative. Sampath Bank Plc closed down at 77.00, closed flat at 101.25, and Hatton National Bank Plc closed flat at 195.25.

The top contributors to the ASPI were Commercial Bank of Ceylon Plc (up at 103.50), Bukit Darah Plc (up at 397.00), and Hayleys Plc (up at 101.00).

Foreign participation remained low as well. There was a higher net foreign outflow of 101 million.

“Foreign selling was seen on John Keells Holdings, and banking counters; Hatton National Bank Plc (down at 195.00), Pan Asia Banking Corporation Plc (down at 20.70), and Commercial Bank of Ceylon Plc.

There was selective foreing interest on the diversified financials sector, particularly in companies that had vehicle leasing portfolios. “We think this might be due to the news of the vehicle import ban possibly ending.”

LOLC Holdings Plc closed up at 440.50, People’s Leasing and Finance Plc closed up at 12.20.

Softlogic Holdings Plc which announced the date of its rights issue, closed up at 8.50. (Colombo/Jul12/2024)

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