Sri Lanka stocks rally for ninth day to near three month high

ECONOMYNEXT- Sri Lanka’s stocks gained 0.31 percent on Tuesday, rallying for the nine straight day and rising to the highest levels since July 30, provisional data showed.

The All Share Price Index (ASPI) closed 18.17 points up at 5,964.25, after opening trading at the daily low and peaking at 5,970.80 amid volatily in mid-afternoon.

The S&P SL20 Index of more liquid stocks closed 0.47 percent or 13.75 points up at 2,954.61 amid volatility throughout the day.

With presidential elections in mid-November, candidates are making promises on how they spend public finances.

Gotabhaya Rajapaksa, the candidate from the Sri Lanka Podujana Peramuna, promised wide-scale tax cuts in his manifesto released last week.

Sajith Premadasa of the United National Party is set to release his manifesto this week.

The market turnover was 639.7 million rupees on Tuesday, and 80 stocks gained while 54 fell.

There was moderate foreign investor participation with net outflows of 11 million rupees from the market.

Dialog Axiata contributed 40 percent (258 million rupees) to the daily turnover, with 161.5 million rupees in negotiated trades (crossings).

The crossings took place at 12.50 rupees a share, and Dialog closed at 12.70 rupees a share, up 20 cents.

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Crossings were also seen on Lion Brewery and Seylan Bank non-voting.

Diversified holding company Carson Cumberbatch closed 13 rupees up at 178 rupees a share and LOLC Holdings closed 2.40 rupees up at 119.80 rupees a share amid low turnover, but contributing most to the ASPI gain.

Retail trading centred on Sierra Cables, Hayleys Fabric and Ceylon Tea Brokers, Alumex and BPPL Holdings.

BPPL Holdings, a brush manufacturer which suffered a fire at its factory and warehousing complex during the previous quarter, reported yesterday that its profits grew in the period and higher profits are expected as a new polyester yarn manufacturing unit begins commercial production.

BPPL’s share closed 20 cents up at 12 rupees a share. (Colombo/Oct29/2019)

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