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Thursday December 9th, 2021
Markets

Sri Lanka stocks steady; earnings awaited

ECONOMYNEXT – Sri Lanka stocks closed steady on Friday (15) as investors awaited for cues from September quarterly earnings, brokers said.

Stockbrokers said investors engaged in profit-taking in index-heavy stocks ahead the long weekend.

The Colombo benchmark All Share Price Index gained 0.02 percent or 2.16 points to close at 9,623.81.

The S&P SL20 index of more liquid stocks fell 0.01 percent or 0.49 points to close at 3,546.61.

“Investors are waiting for cues from quarterly earnings. Most companies are going to come up with strong earnings and that will drive the market for the next two months provided there is no drastic increase in interest rates,” a broker said.

The Central Bank maintained the key monetary policy rates steady on Thursday calming down stock investors who were concerned of a possible rate hike. But the central bank has allied the treasury bill rates to rise in the last month.

Many analysts expected to see at least a 50 basis point hike in the key policy rates as the central bank has allowed the treasury bill rates to rise.

Foreign investors bought a net 1.1 million rupees’ worth of shares on Friday. The market has suffered a net foreign outflow of over 44.4 billion rupees so far this year.

The day’s turnover was 3.4 billion rupees, below this year’s average daily turnover of over 4 billion rupees.

The gain was led by Expolanka Holdings, Royal Ceramic Lanka

and Vallibel One.

Expolanka Holdings, the market heavyweight which has a significant export component in its business, gained 1.29 percent to close at 195.75 rupees a share.

Royal Ceramic Lanka gained 3.4 percent to close at 48.60 rupees a share.

Vallibel One gained 1.97 percent to close at 62.20 rupees a share.

The bourse saw 80 stocks gaining against 103 falling on Friday.

The most active Capital Goods Industry index gained 0.6percent. (Colombo/Oct15/2021)

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