Sri Lanka stocks up for fifth straight day, foreigners sell
ECONOMYNEXT – Sri Lanka’s stocks closed 2.18 percent up in a retail driven rally while high net worth individual were also bottom fishing selected stocks, while the rupees was steady in forex markets, dealers and broker said.
In the spot market the rupee was quoted around 187.25/188.75 from Monday’s close of 187.50/188.50 levels, dealers said.
The Colombo All Share Price Index closed at 4,707.43 up 100.58 points on May 19 after rising as much as 2.79 percent in intraday trade.
Sri Lanka’s benchmark index has gained around 10 percent from the low of 4,392.43 reached on May 11.
The rally was mainly driven by retailers while some institutions and high network individuals were picking selected stocks, brokers said.
Foreigners purchased 76.38 while selling 545.68 million rupee in today’s trading, CSE data showed.
In the past week foreign investors had bought 1,646,791,762 billion rupees while selling 5,498,131,167 billion.
Market turnover was 1.18 billion rupees with 122 stocks making gains while 51 fell.
Almost 55 percent of the day’s turnover came from the banking sector, mainly Commercial Bank, Sampath Bank and Hatton National Bank.
Ceylon Tobacco Company and Ceylon Cold Stores boosted the market on thin volumes, brokers said.
Retail activity was very high with around 11,963 trades.
Moderna, a biotechnology company has come up with a trial for a vaccine in America due to which global market rallied since yesterday, analysts said.
It is believed that this trickledown effect was seen in today’s stock market amid high activity seen in High net worth individuals.
The S&P SL20 index of more liquid stocks was up by 2.74 percent or 50.63 points to 1,8998.34.
Crossings in Commercial Bank amounted to 97.09 million while Sampath Bank recorded a crossing of 38 million and another in Expolanka Holdings worth 24 million.
Highest number of trades was recorded by commercial bank and John Keells Holdings with 1,351 trades and 1,093 trades respectively.
Index-heavy John Keells Holdings share was traded at 93.40 rupees up by 5.30 rupees.
Ceylon Tobacco Company shares went up 30.00 rupees to 950 rupees a share while Ceylon Cold Stores gained by 71.50 rupees to 701.60 rupees a share, also contributing to the ASPI’s gain