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Sri Lanka stocks snap back with buying in JKH

ECONOMYNEXT- Sri Lanka’s stocks closed 0.42 percent higher on Tuesday, regaining some of the losses on Monday, pushed up by index-heavy John Keells Holdings Plc, brokers said.

The All Share Price Index (ASPI) of the Colombo Stock Exchange closed 23.70 points up at 5,683.47.

The benchmark index had reached a daily high of 5,688.06 minutes before trading ended, having gained throughout the day.

The market had retreated on Monday on profit-taking after a 15-day rally which had pushed the ASPI to 5,715, which was a 4-month high, brokers said.

The S&P SL20 Index of more liquid stocks closed 1.09 percent, or 29.57 points up at 2,754.33 on Tuesday.

Market turnover was 339.8 million rupees.

Index-heavy JKH, the country’s largest conlomerate, contributed most to the ASPI gain, closing 2.70 rupees up at 150 rupees a share.

The earnings season for the June quarter kicked off, with JKH subsidiary Keells Food Products posting revenue growth but lower net profits.

Brokers have said that some stocks may face selling pressure based on their earnings for the quarter, which was hit by the Easter Sunday terror attacks. (Colombo/Jul23/2019)





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