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Sri Lanka stocks rebound 2.8-pct amid foreign buying

ECONOMYNEXT- Sri Lanka stocks rebounded 2.81 percent at close, ending two days of losses backed by foreign buying, brokers said.

“However, considering the current crisis situation, we are still ‘climbing the wall of worry’,” brokers said commenting on the market gain.

Colombo’s All Share Price Index (ASPI) closed 2.59 percent or 119.30 points higher at 4,367.25.

The index followed an upward trend before coming to an all-day high of 4,417.62 mid-morning after which it showed sideways movement until market close.

The S&P SL20 index of more liquid stocks advanced 2.59 percent or 43.70 points to close at 1,729.15.

Market turnover was 978.4 million rupees with 142 stocks gaining and 28 falling.

Foreigners purchased 334 million rupees while selling 664 million rupees.

Retail activity in the market was high with more than 10,000 trades, brokers said.

A crossing in John Keells Holdings amounted to 20.4 million rupees.

In today’s trading 10,154 trades were done with the highest seen in John Keells Holdings, Sampath Bank and Commercial Bank with 1,187, 848 and 780 trades respectively.

LOLC Holdings boosted the index, climbing 8.60 rupees up to 96.80 rupees a share.

L  B Finance stock went up by 21.20 rupees to close at 139.30 rupees a share while Cargills (Ceylon) was up 11.10 rupees to 171.70 rupees a share, also contributing the ASPI’s gain.

(Colombo/May13/2020)

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