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Wednesday December 6th, 2023

Sri Lanka stocks gain as market consolidates after profit taking

Stock market information

ECONOMYNEXT – Sri Lanka stocks gained on Friday for the second session, with the market continues to stabilize after profit taking in two session early this week, dealers said.

The main All Share Price Index (ASPI) rose 0.73% or 65.18 points to 8,975.57, on Friday. It hit more than four-month high before falling mainly on profit taking after it gained nearly 2,000 points in 12 straight sessions through Monday.

Analysts said the buying interest in energy sector and plantation-related stocks still continuing after investors have shifted from top liquid shares, analysts said.

The market generated 3.1 billion rupees in turnover, nearly equal to this year’s average daily turnover of 3.13 billion rupees. On Thursday, the turnover slumped to more than two-week low.

Sri Lanka has already declared sovereign debt default on April 12 this year and failed to pay its first sovereign debt in May amid a deepening economic crisis which later turned into a political crisis and led to a change in the president, cabinet, and government.

The more liquid S&P SL20 index ended 0.05% or 1.62 points up at 2,963.95.

Sri Lanka is facing its worst fuel and economic crisis in its post-independence era and the economy is expected to contract more than 8 percent this year.

The main ASPI gained 16.1 percent in August so far after gaining 5.3 percent in July. It lost 9.3 percent in June, 23 percent in April, and 14.5 percent in March.

The market index has lost 27.1 percent so far this year after being one of the world’s best stock markets with an 80 percent return last year when large volumes of money were printed.

Net foreign inflow was 40 million rupees on Friday, but the total net foreign outflow so far this year is 1.05 billion rupees.
Investors are also concerned over the steep fall of the rupee from 203 to 370 levels so far in 2022.

Expolanka pushed the index up, closing 2.3 percent firmer at 223.7 rupees a share.

Sri Lanka Telecom closed 24.9 percent up at 52.7 rupees a share, and Cargills Ceylon gained 7.9 percent to 179.7 rupees. (Colombo/Aug19/2022)

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  1. sacre blieu says:

    The world’s best stock market was promoted with fraud, and corruption and with political blessings. The Stock Market floor was covered with blood after many trusting and well intention-ed investors were sacrificed on the alter of greed. All stock brokers are guilty and even the EPF was saddled with junk at a premium and are still holding them and abandoned, no justice, that is the irony of it all. Remember the words of JRJ when he opened the market, his style, and said “Let The Robber Barons Come”. His pet is running the country now.

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  1. sacre blieu says:

    The world’s best stock market was promoted with fraud, and corruption and with political blessings. The Stock Market floor was covered with blood after many trusting and well intention-ed investors were sacrificed on the alter of greed. All stock brokers are guilty and even the EPF was saddled with junk at a premium and are still holding them and abandoned, no justice, that is the irony of it all. Remember the words of JRJ when he opened the market, his style, and said “Let The Robber Barons Come”. His pet is running the country now.

Sri Lanka rupee closes stronger at 327.40/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 327.40/90 to the US dollar on Tuesday, from 328.10/30 the previous day, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.60/70 percent from 13.70/14.00 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.00 percent from 13.90/14.10 percent.

A bond maturing on 15.01.2027 closed at 14.00/15 percent from 14.00/14.10 percent.

A bond maturing on 01.07.2028 closed at 14.10/20 percent from 14.20/35 percent.

A bond maturing on 15.05.2030 closed at 14.20/35 percent, from 14.25/45 percent.

A bond maturing on 01.07.2032 closed at 14.10/35 percent, from 14.05/40 percent. (Colombo/Dec5/2023)

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Sri Lanka stocks close down as investor sentiment dips

ECONOMYNEXT – The Colombo Stock Exchange closed down on Tuesday, CSE data showed.

The All Share Price Index was down 0.40 percent, or 43.50 points, at 10,700.09.

The S&P SL20 index was up 0.43 percent, or 13.32 points, at 3,054.41.

Turnover was at 711 million. The capital goods sector contributed 172 million, the food, beverage and tobacco sector contributed 140 million, and banks 113 million of this.

Top positive contributors to the ASPI in the day were John Keells Holdings Plc (up at 193.00), Richard Pieris And Company Plc (up at 19.80), and Nation Lanka Finance Plc, (up at 0.40).

Negative contributors were Commercial Bank of Ceylon Plc (down at 89.70), Sampath Bank Plc (down at 71.00), and Central Finance Company Plc, (down at 106.00). (Colombo/Dec5/2023).

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Sri Lanka plans to reduce number of school grades from 13 to 12

ECONOMYNEXT – The Ministry of Education proposes to reduce the number of school grades from 13 to 12, according to a government information department statement.

“Every child will be given the opportunity to finish school in 17 years through the proposed new education reforms,” education officials were quoted as saying after a discussion on budget allocations.

Under the proposed system, pre-school education will be at the age of 4 years, the primary section between grades 1-5, junior section between grades 6-8, and senior section between grades 9-12.

The General Certificate of Education Ordinary Level Exam (GCE O/L) is proposed to be conducted in grade 10, and the Advanced Level Examination in grade 12.

It has also been decided to reduce the number of mandatory subjects at the GCE O/L Exam from 9 to 7.

Three new subjects, information and communication technology (ICT), technical and professional skills, and religion and values will be made mandatory and included in those 7 subjects. (Colombo/Dec5/2023)

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