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Wednesday May 19th, 2021
Markets

Sri Lanka stocks rally for seventh day, retail buying in Chevron

ECONOMYNEXT- Sri Lanka’s stocks closed 0.32 percent higher on Friday, with retail investors buying Chevron Lubricants Lanka, which reported a growth in profits for the September quarter, brokers said.

The All-Share Price Index (ASPI) closed 18.98 points up at 5,935.26, after reaching an intra-day high of 5,944.45 within the last hour of trading.

After early morning gains ahead of Presidential Candidate Gotabhaya Rajapaksa announcing his economic manifesto, the market traded in a narrow band till mid-afternoon, when it gained once more.

The S&P SL20 Index of more liquid shares closed 0.33 percent or 9.65 points up at 2,942.01.

Market turnover was 638.7 million rupees with 76 stocks gaining and 63 falling. There was moderate foreign investor activity, with net outflows of 26 million rupees.

Commercial Leasing & Finance closed 30 cents up at 3.50 rupees a share, contributing most to the ASPI gain, followed by Sri Lanka Telecom which closed 1 rupee up at 31 rupees a share and Distilleries Company of Sri Lanka, which closed at 17.50 rupees a share, up 30 cents.

There were crossings in telco Dialog Axiata worth 59.7 million rupees at 12.10 rupees a share, and in Ceylinco Insurance worth 73.5 million rupees at 1,750 rupees a share.

There was a 33 million rupee crossing in People’s Leasing & Finance at 16.80 rupees a share, and the stock closed higher at 16.90 rupees a share.

Chevron Lubricants Lanka, which in its interim financials yesterday said it posted a growth in profits for the September quarter after 11 quarters of profit declines, was a favourite among retail investors on Friday, closing 3.50 rupees up at 68.50 rupees a share.

Nation Lanka Finance was also active among retail investors. (Colombo/Oct25/2019)

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