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Sri Lanka stocks surge 3-pct after open

ECONOMYNEXT – Sri Lanka’s stocks surged 2.94 percent in the first 30 minutes of trading after steep falls over two days, while a sensitive index of liquid stocks rose 5.5 percent, provisional stock exchange, in a broad based rally, data showed.

Commercial Bank gained 6.7 percent to 58.50, John Keells Holdings rose 0.74 percent to 94.80, Dialog Axiata rose 20 cents to 8.10 rupees, Dipped Products rose 2 rupees to 70 rupees, Hatton National Bank rose 3.30 rupees to 95.00 rupees.

Access Engineering rose 14 percent to 13.80 rupees, ACL Cables rose 19 percent to 33.80, BPPL Holdings rose 14 percent to 8.00 rupees, Ceylon Tobacco rose 20 rupees to 9.20, Chevron Lubricants gained 6.80 rupees to 57.70 rupees, Colombo Dockyard gained 7.30 rupees to 42.00 rupees.

Sri Lanka’s stock market was closed for 7 weeks, annoying foreign investors and a sensitive index of stocks fell 10 percent.

The benchmark All Share Index had fallen 30 percent by March 12. (Colombo/May12/2020)