Sri Lanka stocks end nine day rally on profit taking

ECONOMYNEXT- Sri Lanka’s stocks snapped a nine day rally on Wednesday on profit taking in the run up to the presidential elections in November, brokers said.

Colombo’s All Share Price Index (ASPI) fell 0.12 percent or 6.98 points to 5,957.27, falling from an intra-day high of 5,963.36 to a low of 5,938.37 within the first hour of trading, before gaining through the rest of the day.

Brokers said that there was profit taking, after the ASPI reached the highest levels in nearly three months.

The S&P SL20 Index of more liquid stocks closed 0.04 percent or 1.06 points down at 2,950.33 amid high volatility throughout the day.

Market turnover was 652 million rupees, with 58 stocks gaining and 81 falling.

Foreign investors were active, with a net outflow of 48 million rupees from the market.

Nestle Lanka closed 30 rupees down at 1,300 rupees a share, Distilleries Company of Sri Lanka closed 30 cents down at 17.30 rupees a share and Ceylon Cold Stores closed 13.80 rupees down at 781.10 rupees a share contributing most to the ASPI fall.

Ceylon Cold Stores on Tuesday afternoon said that its profits for the September quarter had grown 45 percent on higher sales.

Meanwhile, the telco Dialog Axiata’s gains contributed most to the ASPI, closing 20 cents up at 12.80 rupees a share.

Dialog’s turnover accounted for 54.3 percent of the daily total. There was a 25 million rupee negotiated trade (crossing) in Dialog at 12.50 rupees a share.

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Index-heavy John Keells Holdings also contributed to the ASPI positively, closing 1 rupee up at 157.50 rupees a share.

Brokers said there was less retail investor activity seen on Wednesday compared to the past week. (Colombo/Oct30/2019)

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