Sri Lanka stocks continue rally for second day
Friday May 17, 2019 17:09
ECONOMYNEXT- Sri Lanka’s stocks rallied for the second consecutive day, gaining 0.15 percent on Friday with buying interest in LOLC Finance, while John Keells Holdings and Dialog Axiata drove volumes..
The All Share Price Index (ASPI) closed 7.92 points up at 5,259.71.
The ASPI fluctuated throughout the day, reaching an intra-day low of 5,245.98 just after market opening and a high of 5,275.72, before tumbling in the final few minutes of trading.
The more liquid S&P SL20 Index closed 0.32 percent or 7.83 points down at 2,446.90.
Fitch Ratings said Sri Lanka’s economy is expected to grow slower in 2019 following the Easter Sunday Bombings.
The country’s largest pension fund, the Employees’ Provident Fund, has used the recent crash in the market following the bombings as an opportunity to buy value stocks, providing some positivity to the market.
Market turnover on Friday was 1.4 billion rupees with 77 stocks gaining and 37 falling.
Heavy foreign selling saw 1 billion rupees in net foreign outflows.
LOLC Finance contributed most to the ASPI gain, closing 80 cents higher at 3.60 rupees a share.
John Keells Holdings contributed 57 percent to daily turnover, closing flat at 136 rupees a share.
Dialog Axiata accounted for another 36 percent of the turnover, closing 10 cents up at 9 rupees a share.
JKH and Dialog are among two stocks in which the EPF is speculated to have invested in.
Ceylon Tobacco Company closed 40 rupees down at 1,300 rupees a share, and pushed the S&P SL20 down. (Colombo/May17/2019)