Sri Lanka stocks extend gains for fourth day on LOLC

ECONOMYNEXT- Sri Lanka’s stocks closed 0.54 percent stronger on Monday, continuing a four-day rally, backed by LOLC Holdings, provisional data showed.

The main All Share Price Index (ASPI) closed 33.36 points up at a daily-high of 6,156. After opening at the daily-low the index made gains in the first hour of trading, before falling until late afternoon.

The S&P SL20 Index of more liquid stocks closed 0.12 percent or 3.66 points down at 2,968.43.

Market turnover was 903.4 million rupees, while 42 stocks gained and 94 fell.

LOLC Holdings contributed most to the ASPI gain, closing 33.30 rupees up at 179 rupees a share.

Korea’s Kookmin Bank on Thursday announced plans to buy 70 percent of LOLC’s Cambodian microfinance unit Prasac for 603 million US dollars with options to buy the remaining shares later.

Since Thursday, LOLC’s stock has risen from 129 rupees a share. LOLC’s stock has risen from 113 rupees a share since it announced its plans to divest Prasac on December 12. (Colombo/Dec30/2019)

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