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Monday September 25th, 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 sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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