Sri Lanka stocks end week 1-pct higher

ECONOMYNEXT – Sri Lanka stocks closed 1.27 per cent higher on Friday, continuing the upward trajectory throughout the week hitting a 10-month on retail buoyance, Colombo Stock Exchange Data showed.

Colombo’s main, All Share Price Index gained 75.98 points to end at 6,080.09 for the second consecutive day.

S&P SL20 index of most liquid stocks gained 1.22 per cent or 28.53 points to 2,375.93.

Market analysts say that the market sentiment was backed by positive investor sentiments towards index heavy counters.

“Bourse cruised to a 10-month high on the back of heavy retail buoyancy sustaining the drive in the positive direction for the 4th consecutive session. Index spiked within the early hour of trading, thereafter moved downwards till mid-day. Later market bounced back and experienced a gradual uptrend till the rest of the session and closed at 6,080 gaining 76 points,” FirstCapital Market research noted in its daily report.

Market turnover was 4.99 billion rupees with 148 stocks making gains and 47 making losses.

Foreign investors continued to be net sellers.

Stocks which contributed most to ASPI’s gain were Hayleys PLC, trading 49.30 rupees up at 427.70 rupees a share, Royal Ceramics Lanka gained 30.70 rupees to trade at 162.70 rupees a share while Vallibel One traded 2.80 rupees up at 25.40 rupees a share.

Index heavy stocks, John Keells Holdings gained cents to trade at 136.10 rupees a share, Commercial Bank of Ceylon up 60 cents to 75.10 rupees a share, Nestle Lanka gained 12.80 rupees to trade at 1,112.80 rupees a share and Ceylon Tobacco Company up 1.00 rupees to trade at 961.50 rupees a share.

While stocks that recorded losses were Browns Investment stocks traded 10 cents lower at 2.50 rupees a share, Dialog Axiata fell 10 cents to trade at 11.20 rupees a share and Sri Lanka Telecom stocks traded 40 cents lower at 33.10 rupees a share.

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Other stocks that made gains today are Melsacorp stocks up 40 cents to trade at 34.10 rupees a share, Hemas Holdings up 60 cents to trade at 74.00 rupees a share.

The material and capital goods sectors gained the most today contributing 53 per cent.
(Colombo/Nov06/2020)

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