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Friday January 21st, 2022
Markets

Sri Lanka stocks recover after two-session fall; PCC starts trading

ECONOMYNEXT – Sri Lanka stocks closed 1.55 percent up on Wednesday (10), recovering from steep fall from the two previous sessions as debut Pack Corrugated Cartons trading boosted the min index, brokers said.

The Colombo benchmark All Share Price Index (ASPI) closed at 1.55 percent or 160.80 points firmer at 10,522.60.

“Following yesterday’s plunge triggered by momentum-driven stocks, the ASPI witnessed a bout of volatility in the first few minutes of trading in which the index retreated from its gap-up opening to 10,443 points.” A broker said.

“Gaining ground thereupon, the ASPI eased past the 10,400 mark in the first hour of trading and touched a high of 10,509 level before witnessing another pullback in the second half of the session. After declining to 10,443 in mid-afternoon trade, the ASPI resumed its upward trajectory and eventually surpassed the 10,500 mark to close at 10,523.”

CSE saw the biggest fall in two months on Tuesday (09) with market heavy weight Commercial Leasing and Finance (CLC) dragging down the index.

The S&P SL20 index of more liquid stocks gained 0.79 percent or 28.34 points to close at 3,632.40.

The day’s turnover was 5.7 billion rupees, above this year’s average daily turnover of over 4 billion rupees.

Foreign investors, however, bought a net of 28.2 million rupees’ worth of shares, extending the net foreign inflow to 46.1 billion rupees so far this year.

Brokers had expected foreign investors to exit after Moody’s Investor Service downgraded Sri Lanka’s sovereign credit rating last week to near default category.

The gain was led by Commercial Leasing and Finance, LOLC Finance and LOLC Holdings.

Commercial Leasing and Finance gained 5.71 percent to close at 68.50 rupees.

LOLC Finance gained 4.15 percent to close at 20.10 rupees a share while LOLC Holdings gained 1.26 percent to close at 660.50 rupees.

Ex- Pack Corrugated Carton Ltd gained 109.5 percent from its issue price of 8.40 rupees to close at 17.60 rupees.

“Moreover, the stock also claimed the top spot in the turnover list (LKR 1,397mn) accounting for 27 percent of activity ” brokers said.

The bourse saw 149 stocks gaining against 61 falling on Wednesday. (Colombo/Nov 10/2021)

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