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Friday July 12th, 2024

Sri Lanka stocks close up, sentiment remains muted

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

The broader All Share Index closed up 0.22 percent, or 26.27 points, at 11,811; while the more liquid S&P SL20 Index closed up 0.30 percent, or 10.48 points, at 3,448.

Turnover was 801 million. This was the highest in four days.

“The market rebounded into positive territory after a falling over the last few days,” Softlogic Stockbrokers said. “There was a small bounce back in the index.”

Two crossings contributed 47 percent of the turnover: Agalawatte Plantations Plc brought in Rs350mn, and the share closed down at 33.00.

“The plantation sector witnessed a crossing after awhile.” This was a local transaction, most likely among high net worth individuals and institutions, market participants said.

Sampath Bank Plc brought in Rs27mn to the turnover, and the share closed up at 77.40.

Sentiment around the banking counters were mixed. Commercial Bank of Ceylon Plc closed down at 101.25, DFCC Bank Plc closed up at 78.80, and Hatton National Bank Plc closed up at 195.25.

The plantation sector also saw drops in share prices in some companies. Elpitiya Plantations Plc closed down at 99.00, Bogawantalawa Tea Estates Plc closed down at 35.10, and Maskeliya Plantations Plc closed down at 30.00.

The top contributors to the ASPI were Melstacorp Plc (up at 81.90) Singer (Sri Lanka) Plc (down at 15.30), Sampath Bank Plc, Browns Investments Plc (up at 5.70) and Hayleys Plc (up at 99.90).

“We think this lackluster sentiment might continue.”

Foreign participation remained low as well. There was a net foreign outflow of 28 million. (Colombo/Jul10/2024)

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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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