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Sri Lanka stocks gain, records 11-year high in turnover

ECONOMYNEXT – Sri Lanka stocks closed 1.50 percent higher on Thursday, pushed by LOLC and generated a 23.6 billion market turnover on John Keells Holdings(JKH).

The All Share Price Index (ASPI) gained just after the market opening today and tumbled within the first-hour of trade reaching an intra-day low at 5,976.17 and maintained a marginal growth trajectory to close at 5,987.55.

The ASPI retreated almost 2.11 percent on retail selling on Wednesday. It was the steepest fall recorded in Colombo Stocks since April 23, following the Easter Sunday terror attacks, when the ASPI had fallen 3.63 percent, the worst in seven years.

The ASPI closed 88.71 points up at 5,987.55 and the S&P SL20 Index of most liquid stocks closed 1.74 percent or 48.31 points to 2,830.75.

The market generated 23.6 billion rupees in revenue after Citi group bought 22.6 billion rupees stake in JKH from Malaysia’s Khazanah.

Meanwhile 144 stocks gained and 20 fell.

The 141.9 million shares, totaling 10.8 percent, had been bought at 160 rupees, 1.10 rupees below the opening level, and the John Keells Holdings (JKH) share shot up to 164 rupees following the trade.

John Keells stocks closed 1.70 rupees up at 162.80 rupees a share contributing to ASPI’s gain.

LOLC Holdings closed 10.40 rupees or 6.69 percent up at 165.80 rupees a share, contributing most to ASPI’s gain.

Distilleries Company of Sri Lanka gained 50 cents to 17.30 rupees a share at close.

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(Colombo/Jan09/2020)

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