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Sri Lanka stocks snap three-day retreat

ECONOMYNEXT- Sri Lanka stocks rallied 0.33 percent on Wednesday, the sharpest gain since August 28, pushed up by the Distilleries Company of Sri Lanka (DCSL), provisional data showed.

Sri Lanka’s central bank ordered banks to cut lending rates in new price controls.

The lending rate cuts will hurt banks but will help companies with loans.

The central bank had earlier controlled deposit rates, effectively expropriating depositors.

Colombo’s All Share Price Index (ASPI) gained 18.86 points to 5,762.40, ending a 3-day retreat and the S&P SL20 Index of more liquid stocks fell 0.20 percent or 5.53 points to 2,741.39.

The stock market has been on a downward trend since end-July.

The market turnover was 221 million rupees on Wednesday with 60 stocks gaining and 47 falling.

Distilleries Company of Sri Lanka gained 60 cents to 16.50 rupees a share contributing most to ASPI’s gain.

Dialog Axiata up 20 cents at 10.60 rupees a share and Cargills Ceylon gained 5.70 rupees to 190.70 rupees a share, also contributing ASPI’s gain.

Most bank stocks fell on Wednesday, but Pan Asia Banking Corporation Plc closed 20 cents up at 13 rupees a share, and had the highest turnover with 82.2 million rupees. (Colombo/ 25 September/ 2019)

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