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Sri Lanka stocks open higher for second day

EconomyNext – Sri Lankan stocks rose for the second straight day with the benchmark index up over one percent by mid-morning after crashing the previous week when the government budget imposed hefty new taxes on big firms.

Stock brokers said bargain hunters had entered the market as the slump after the January 29 budget had been too steep.

The benchmark All Share Price Index was up over 1.08 percent or 76.12 points at 7,123.43 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, gained 2.41 percent (92.83 points) to reach 3,946.48.

The gains were led by John Keells Holdings, Commercial Bank, Sampath Bank, lanka Orix Leasing Company and Aitken Spence.

JKH and Access Engineering, among the worst hit in the slump, were the most actively traded shares.

The budget, which imposed a 25 percent ‘super gain’ tax on firms earning over two billion rupees along with other one-taxes on telecom and liquor companies, had triggered panic selling last week.

 

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