Sri Lankan stocks recover, JKH hits 52-week low

COLOMBO (EconomyNext) – Sri Lankan shares ended higher Tuesday after a six-day losing streak amid a drop in treasury bill yields with gains in fabric manufacturers set to benefit from better European Union market access if a trade deal is renewed.

The All Share Price Index rose 37.91 points (0.56 percent) to close at 6,820.34 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, gained 19.90 points (0.52 percent) to end at 3,852.43.

Turnover was a low 666 million rupees with only a single crossing or off-the-floor negotiated deal of 200,000 shares of National Development Bank at 245 rupees each.

"The market was a bit active during the day as today is the last day of the financial year for most of the companies," brokers First Capital Equities said.

The benchmark index was lifted by gains in John Keells Holdings, Ceylinco Insurance and Commercial Bank.

Shares of John Keells Holdings and its two warrants were heavily traded but touched 52-week low prices during the day, brokers Lanka Securities said.
JKH fell to 195.00 but managed to close higher.

Access Engineering also dropped to a 52-week low price of 18.50, (down 1.1 percent) and managed to close higher at 19.20, +up 2.7 percent.

Fabric makers Textured Jersey and Hayleys MGT Knitting Mills advanced to 24.00 and 17.60 reacting to positive news of Sri Lanka moving to regain the GSP+ trade concession giving duty free access to the EU, Lanka Securities said.

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