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Tuesday May 17th, 2022

Sri Lanka stocks down on LOLC related shares

ECONOMYNEXT – Sri Lanka stocks fell on Wednesday (08), due to price declines extended by LOLC group companies, brokers said.

“As LOLC group stocks continued to decline, the ASPI dropped into negative territory during closing hours” a Colombo based stock broker told EconomyNext.

“The fall was mainly led by the Commercial Leasing and Finance and other LOLC subsidiaries draging the index down during the last hour into trading”

All Share Price Index ended with a 0.61 percent or 67.1 points lower to close at 11,021.07.

The S&P SL20 index of the most liquid share fell 0.12 per cent or 4.58 points to close at 3,959.84.

Foreign investors, however, sold a net of 21.9 million rupees’ worth of shares and the bourse has suffered a net foreign outflow of 49.4 billion rupees so far this year.

The day’s turnover was 5.6 billion rupees above this year’s average daily turnover of 4 billion rupees.

The fall was led by Commercial Leasing and Finance, LOLC Finance and LOLC Holdings.

Commercial Leasing and Finance closed 9.94 percent down at 29 rupees a share.

Subsidiaries of LOLC groups, LOLC Finance fell 12.29 percent to close at 20.70 rupees a share, LOLC Holdings closed 0.81 percent down at 980.25 rupees and Browns Investments closed 1.39 percent down at 14.20 rupees a share.

Brokers said Lanka IOC shares are on the rise because of 99 oil tanks in Sri Lanka’s Eastern Port city of Trincomalee after the recent finance minister’s visit to India where he discussed possible investments into Trincomalee oil tank farm.

After Finance Minister Basil Rajapaksa’s visit, the government said as one of the four pillar strategies to address Sri Lanka’s current economic situation it discussed “Energy security package that would include a line of credit to cover import of fuel from India, and an early modernization of Trincomalee Tank Farm”.

Analysts said the market expects Lanka IOC to invest more in the tanks and distribution with the credit line.

Lanka IOC closed 15.52 percent up at 40 rupees a share.

Continuing the gains in the Exports Industry, Expolanka, the market heavyweight which has a significant component of export and freight business, gained 1.50 percent to close at 304 rupees a share. (Colombo/ Dec 08/2021)

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