Sri Lankan shares end up on budget hopes

EconomyNext – Sri Lankan shares ended higher Wednesday for the third straight trading day on expectations about the government’s interim budget tomorrow with turnover hitting a two-week high, brokers said.

The All Share Price Index gained 40.46 points (0.55 percent) to hit a high of 7,408.95 during the day before falling back to close at 7,395.29, up 27.64 points, (0.38 percent). 

The S&P SL20 index, which tracks the top 20 largest and most liquid stocks, gained 13.29 points (0.32 percent) to end at 4,143.72.

Turnover reached a two-week high of almost 1.3 billion rupees supported five crossings or off-market negotiated deals in John Keells Holdings (JKH) where 1.2 million shares changed hands between 234.00 and 235.00 per share.

JKH deals contributed 440 million rupees or 21 percent of the market turnover. Chevron Lubricants and Hatton National Bank were the next best contributors.

Brokers Lanka Securities said the benchmark ASPI has gained 1.6 percent in the past three days.

Wednesday’s upswing came mainly from gains in Lion Brewery (which closed at 647.00, up 5.2 percent), Hatton National Bank (which closed at 210.00, up 2.4 percent) and Carson Cumberbatch (which ended at 419.90, up 1.7 percent).

Shares of Sierra Cables, Agstar and Piramal Glass were traded heavily during the day with Agstar and Piramal Glass reaching 52-week high price levels of 6.90 and 6.30 rupees, Lanka Securities said.

Foreign investors were net buyers with net inflow of 371 million rupees mainly in John Keells Holdings, Hatton National Bank and DFCC Bank while net foreign outflow was mainly seen in Distilleries.

 

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