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Sri Lanka stocks gain on Dialog Axiata

ECONOMYNEXT- Sri Lanka’s stocks closed 0.18 percent higher on Monday, continuing an 8-day rally, pushed up by Dialog Axiata, brokers said.

The All Share Price Index (ASPI) closed 10.82 points up at 5,946.08, after falling to an intra-day-low of 5,928.06 late in the morning session before gaining throughout the afternoon to close at a daily-high.

The S&P SL20 Index of more liquid stocks closed 0.19 percent or 5.55 points up at 2,940.86.

Market turnover was 491.4 million rupees, with 61 stock prices gaining and 62 falling.

There was moderate foreign investor activity, with net outflows of 194.9 million rupees from the market.

A negotiated trade (crossing) of 98.6 million rupees in John Keells Holdings (JKH) shares took place at 156.50 rupees a share. The JKH share closed trading at 157 rupees.

Dialog Axiata, a telco, contributed most to the ASPI gain, closing 40 cents up at 12.50 rupees a share.

LOLC Holdings, a financial house, closed 2.20 rupees up at 117.40 rupees a share, also contributing to the ASPI growth.

Lanka IOC, which reported a profit growth for the September quarter on Friday due to lower oil prices closed 20 cents up at 17 rupees a share.

Retail activity was highest in Cheron Lubricants Lanka, which closed 1.10 rupees down at 67.40 rupees a share despite last week reporting that its profits grew for the first time in 11 quarters. Retail investors had bought Chevron stock on Friday.

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With rains in Sri Lanka contributing to the high hydro power usage, demand for Chevron lubricants by thermal power stations may fall in the December quarter, analysts say. (Colombo/Oct28/2019)

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