Sri Lanka stocks surge on John Keells Holdings

ECONOMYNEXT- Sri Lanka’s stocks surged 0.46 percent on Wednesday, pushed up by index-heavy John Keells Holdings (JKH), provisional data showed.

The All Share Price Index (ASPI) at the Colombo Stock Exchange closed 27.09 points up at 5,941.42

Opening at a daily low, the index reached a high of 5,963.35 in the first hour of trading, before sliding downwards throughout the day.

The S&P SL20 of more liquid stocks closed 0.90 percent or 25.37 points up at 2,851.60.

Market turnover was 918.88 million rupees, while 88 stocks gained and 40 fell.

JKH, a diversified holdings firm with the highest market capitalisation in Sri Lanka, closed 1.80 rupees up at 167.70 rupees a share, contributing most to the ASPI gain.

Alcohol maker Distilleries Company of Sri Lanka closed 20 cents up at 17 rupees a share and state telco Sri Lanka Telecom closed 70 cents up at 30.40 rupees a share, also contributing to the ASPI gain.

A 53 million rupee negotiated trade (crossing) was seen in Lion Brewery at 620 rupees a share and the stock closed flat at 624 rupees a share.

A 33.6 million rupee crossing was also seen in JKH at 168 rupees a share and the stock closed 1.40 rupees up at 167.30 rupees a share.

Banking stocks surged 0.93 percent, continuing the momentum from Tuesday, as they would no longer be subject to the Debt Repayment Levy on financial transactions from January 31. (Colombo/Jan22/2020)