Sri Lanka stocks end higher as Asian markets rebound
ECONOMYNEXT – Sri Lanka stock closed 0.38 percent higher on Monday, pushed up by John Keells Holdings, Distilleries Company of Sri Lanka, and LOLC Holdings, provisional data showed.
Colombo’s main, All Share Price Index (ASPI) remained stable throughout the day trading marginally at 5,600 to pick up before closed to end at the day’s highest at 5,626.65.
The ASPI closed 21.37 points higher or 5,614.29 and the S&P SL20 index of more liquid stocks gained 0.72 percent or 18.97 points to end at 2,650.95.
The global stock markets, especially in the Asian region rebounded on Monday expecting Central Banks worldwide to cut rates to improve liquidity in the markets and help contain damage to economies by the coronavirus.
South Korea’s Kospi (KOSPI) closed up 0.8 percent, while Hong Kong’s Hang Seng Index (HSI) finished up 0.6 percent. China’s Shanghai Composite (SHCOMP) was 3.2% higher, reported CNN Business.
CNN reported that trillions were wiped off in equity markets worldwide as markets suffered their worst rout since the global financial crisis.
Stockbrokers in Colombo told EconomyNext that even though the market ended on green the main index ASPI is trading 10 percent lower (from 6,200 to 5,600) due to a market correction resulting in a pullback.
However, the brokers said if the market remains higher tomorrow its a clear indication that the market is bottoming out.
On the other hand, the election sentiments too played a part in the market the brokers said.
Market turnover was 256.4 million rupees while 89 stocks profited and 40 stocks fell.
John Keells Holdings gained 2.20 rupees to 148.20 rupees a share, Distilleries Company of Sri Lanka stocks up 50 cents to 17.40 rupees a share and LOLC Holdings stocks climbed 4.80 rupees to 134.70 rupees a share, contributing to ASPI’s to gain. (Colombo/Mar02/2020)