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Sri Lanka stocks gain on LOLC’s Cambodia deal

ECONOMYNEXT- Sri Lanka’s stocks closed 0.59 percent higher on Friday, gaining on LOLC Holdings, provisional data showed.

The All Share Price Index (ASPI) of the Colombo Stock Exchange closed 35.95 points up at 6,122.64. The index gained throughout the day, ending at a daily-high.

The ASPI ended the Christmas week stronger. The index had opened at 6,044.73 and fell on Monday, before ending a 5-day retreat and rallying the last three days of the week.

The S&P SL20 Index of more liquid stocks closed 0.38 percent or 11.29 points up at 2,976.63.

Market turnover was 472.8 million rupees, while 69 stock prices gained and 61 fell.

LOLC Holdings contributed most to the ASPI gain, closing 16.70 rupees up at 145.70 rupees a share.

Korea’s Kookmin Bank on Thursday announced that it would acquire a 70 percent stake of LOLC’s Cambodian micro-finance unit Prasac for 603 million US dollars.

LOLC in a market disclosure said it was still awaiting approval on the transaction from the National Bank of Cambodia.

There was a 22.8 million rupee negotiated trade (crossing) in John Keells Holdings, with around 138,000 shares trading at 165 rupees a share. The JKH stock closed flat at 165 rupees a share. (Colombo/Dec27/2019)

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