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Sri Lanka stocks flat, LOLC drives activity

ECONOMYNEXT- Sri Lanka stocks closed 0.08 percent on Wednesday, recouping early losses as domestic buying overcame foreign selling brokers said with negotiated deals driving turnover.

Colombo’s main All Share Price Index (ASPI) advanced 4.17 points to close at 4,917.54 points.

The index hit an intra-day high of 4,936.96 before falling sharply, minutes after market opened.

Brokers said that the market faced foreign selling pressure in selective companies’ mid-morning and was followed by significant buying towards noon.

The S&P SL20 index of more liquid stocks closed down -2.83 points or 0.14 percent down.

Market turnover, mainly boosted by crossings amounted to 1.32 billion rupees as 69 stocks made gains and 75 fell.

Four crossings in LOLC Holdings which accounted for almost 38 percent of said turnover totaled to 212.8 million rupees while crossings in Ceylon Cold Stores was 36.57 million rupees.

Another crossing in Ceylon Tobacco Company amounted to 23.75 million rupees while crossings in John Keells Holdings and Hatton National Bank totaled up to 23.6 million rupees and 20.3 million rupees.

LOLC Holdings boosted today’s turnover, contributing almost 38 percent of it while Commercial Bank (185 million rupees) and Hatton National Bank (165 million rupees) followed up with next highest contributions.

Meanwhile retail activity for the day was moderate with activity mainly seen in banks with a total of 9,172 trades done, brokers said.

LOLC Holdings shares closed 3.40 rupees up at 115.40 rupees a share, dragging the ASPI up.

Ceylinco Insurance Plc shares ended at 1,721.20 rupees a share, up by 80.50 rupees while Commercial Leasing and Finance Plc shares climbed 20 cents, closing at 3.00 rupees a share.

(Colombo/Jun10/2020)

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