Sri Lanka stocks snap five day retreat amid volatile trading

ECONOMYNEXT- Sri Lanka’s stocks snapped a five-day retreat on Tuesday, closing 0.14 percent higher with diversified John Keells Holdings and banking stocks pushing up the market, provisional data showed.

The All Share Price Index (ASPI) at the Colombo stock exchange closed 8.13 points up at 5,914.33. The main index closed at a high, after reaching a low of 5,902.75 in the afternoon session and experiencing volatility throughout the day.

The more liquid S&P SL20 Index closed 1.49 percent or 41.57 points up at 2,826.63.

Banking stocks gained amid the Inland Revenue Department saying the Debt Repayment Levy will be discontinued from end-January.

The market turnover was 339.95 million rupees, while 43 stocks gained and 59 fell.

There was 21.1 million rupees in net foreign sales amid moderate foreign investor participation.

Index-heavy John Keells Holdings contributed most to the ASPI gain, closing 2 rupees up at 165.10 rupees a share.

Commercial Bank closed 2 rupees up at 92 rupees a share and Sampath Bank closed 4.90 rupees up at 160 rupees a share.

Banking stocks closed 1.72 percent higher on Tuesday, while food, beverage and tobacco stocks closed 1 percent higher, capital goods stocks 0.82 percent higher and materials industry stocks 0.78 percent higher.

Meanwhile, diversified financial stocks closed 0.43 percent lower.

A 53.3 million rupee crossing (negotiated trade) was seen in Sampath Bank at 154 rupees a share.

Another 31.5 million rupee crossing was witnessed on Central Finance at 105 rupees a share.(Colombo/Jan21/2020)