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Saturday April 20th, 2024

Sri Lanka stocks fall on banks

ECONOMYNEXT– Sri Lanka’s stock closed 0.92 percent lower on Thursday, dragged down by John Keells Holdings, Commercial Bank of Ceylon and Hatton National Bank, provisional data showed.

Colombo’s main All Share Price Index (ASPI) reached a daily high of 5,548.40 at market open but tumbled down and fell throughout the day, extending a retreat begun a day earlier.

The ASPI closed 51.20 points lower to 5,484.25 and the S&P SL20 index of more liquid stocks fell 1.47 percent or 38 points to end at 2,548.25.

Asian markets gained on Thursday with Tokyo up 1.1 percent, Shanghai 2.0 percent, Hong Kong 2.1 percent amid the US Fed administering an emergency rate cut to counter economic effects of the coronavirus.

Turnover in Colombo reached 759 million rupees. There was moderate foreign investor participation, with outflows of 51.9 million rupees.

Index-heavy John Keells Holdings last traded 2.70 rupees down at 144.80 rupees a share, contributing most to the ASPI’s fall.

Commercial Bank of Ceylon last traded 3.50 rupees lower at 81.00 rupees a share and Hatton National Bank fell 3.80 rupees to 141.20 rupees a share, also pushing the ASPI down.

There was a 119 million rupee negotiated trade (crossing) in Melstacorp PLC at 33 rupees per share and the stock closed flat at 33 rupees a share.

A 43.5 million rupee crossing was seen in John Keells Holdings at 145 rupees a share and the stock closed 20 cents down at 144.80 rupees a share.

Another 30.5 million rupee crossing was seen in Commercial Bank of Ceylon at 80.50 rupees a share and the stock closed 50 cents up at 81 rupees.

The food, beverages and tobacco industry index, which was the most active, fell 0.45 percent.

The bank industry index which was also active fell 1.9 percent. (Colombo/Mar 05/2020)  

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Sri Lanka discussing giving extra land, water for Chinese oil refinery

ECONOMYNEXT – Sri Lanka is in discussions with China’s Sinopec to give extra land and assure water supplies after the company decided to expand the capacity of a planned oil refinery in Hambantota, Energy Minister Kanchana Wijesekera said.

“There are concerns on how the water supply is going to be provided for the refinery,” Minister Wijesekera told reporters Friday.

The refinery will need more land and also revise conditions in a Board of Investment agreement, he said.

Read more
Sinopec to double capacity of new refinery in Sri Lanka’s Hambantota

Recommendations and decisions from Sri Lanka’s side had already been sent and Sinopec is expected to revert back in May.

“We are hoping to sign the agreement once everyone has agreed,” Wijesekara said.

The principle agreements are expected to be signed by June, he said.

The refinery could sell up to 10 percent of its output in the domestic market.

“There is no commitment by the government to purchase anything,” Minister Wijesekera said. (Colombo/Apr19/2024)

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Sri Lanka rupee closes weaker at 302.00/50 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 302.00/50 to the US dollar in the spot forex market on Friday, down from 301.50/302.00 a day earlier, dealers said.

There was increased demand for dollars after the central bank bought 715 million dollars from forex markets. In the previous two months it was buying on average about 200 million US dollars, leaving market participants and bank in a ‘oversold’ position.

There were some official dollars sales Friday dealers said.

READ Sri Lanka rupee quoted wide to US dollar as peg inconsistencies flare up

Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed at 11.30/40 percent down from 11.35/40 percent.

A bond maturing on 15.09.2027 closed at 11.95/12.05 percent up from 11.90/12.05 percent.

A bond maturing on 15.12.2028 closed stable at 12.15/25 percent.

A bond maturing on 15.09.2029 closed stable at 12.30/40 percent.

A bond maturing on 01.10.2032 closed stable at 12.40/50 percent. (Colombo/Apr19/2024)

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Sri Lanka stocks close down, banks trade down

ECONOMYNEXT – The Colombo Stock Exchange closed down on Friday, data on its site showed.

The broader All Share Index closed down 0.38 percent, or 44.80 points, at 11,753; while the S&P SL20 Index closed down 0.53 percent, or 18.46 points, at 3,456.

Turnover was at 1.4 billion. The diversified financials (Rs366mn) and banks (Rs266mn) sectors continued to see selling pressure.

“This was possibly due to uncertainty around the bond discussions,” market participants said.

With the exception of Sampath Bank Plc (up at 77.50) all other banks traded down in the day. Commercial Bank of Ceylon Plc was down at 104.50, Hatton National Bank Plc was down at 188.50, and DFCC Bank Plc was down at 77.00.

LOLC Finance Plc saw the most trades and closed up at 6.40. Another LOLC company, Browns Investments Plc, also saw high traded volumes and closed up at 5.60.

Softlogic Capital Plc was up at 7.00, and Softlogic Holdings Plc was up at 11.20. A trading suspension imposed on SHL.N0000 was lifted effective today as the company submitted the annual report for the year ended 31st March 2023.

However, shares of the Company will remain in the Watch List “due to Qualified Audit Opinion and Emphasis of matter on going concern in the Independent Auditor’s Report in the Audited Financial Statements for the year ended 31st March 2022.”

Dialog Axiata Plc, which announced its merger with Bharti Airtel Thursday, saw its share price close up at 11.90.

“There was some traction on index heavyweights,” market participants pointed out.

Top contributors to the APSI included Aitken Spence Plc (up at 134.50), Ceylon Tobacco Company Plc (up at 1,245.25, and Lion Brewery (Ceylon) Plc (up at 1,048.50).

There was a net foreign inflow of 5 million. (Colombo/Apr19/2024)

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