Sri Lankan stocks close up 1.2-pct after rate cut
COLOMBO (EconomyNext) – Sri Lankan stocks closed higher Wednesday as the market reopened after traditional new year holidays, the benchmark index ending almost 1.2 percent up after the central bank cut policy interest rates, brokers said.
The All Share Price Index gained 79.97 points (1.16%) to end at 6,981.03 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, went up 52.31 points (1.35%) to reach 3,940.64.
Turnover reached almost a billion rupees while the ASPI was pushed up by gains in
Commercial Bank, John Keells Holdings, Dialog Axiata and Nestle Lanka.
JKH gained almost two percent to end at 206.90, up 3.90 rupees while Access Engineering went up five percent (1.10 rupees) to 21.90.
The central bank’s monetary policy announcement in the morning said it cut its policy interest rates by 0.5 percentage points while Treasury Bill yields later fell by 30 basis points across maturities.