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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka stocks rise to record high for third straight day on high turnover

Sri Lanka stocks rise to record high for third straight day on high turnover

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CITIZEN

CITIZEN
Manager - Equity Analytics
Manager - Equity Analytics
[size=18]ECONOMYNEXT – Sri Lanka’s main stock index gained 1.02 percent on Wednesday crossing the 8,900 psychological benchmark and continuing the market gain for the third day, brokers said.
The index touched 8,938.25 points, its fresh record high, before retreating to close at 8,756.63 with a 88.68 points gain for the day. The S& P SL20 index of more liquid stocks gained 0.25 percent or 8.03 points to close at 3,183.73.
 
“The ASPI index was driven by the day’s highest gainer Commercial Leasing and Finance” a stock broker said asking not to be named.
 
“Out of the 88 points gain today 68 was gained by the Commercial Leasing and Finance, other than that the market was flat”
 
With the day’s gain, Commercial Leasing and Finance Plc became the company with the third highest market capitalization with acquiring 197 billion rupees or 5.08 percent of the total market capitalization behind Expolanka and LOLC Holdings.
 
Stocks have been on the rise partly due to record low-interest rates, excess liquidity in money markets, and some businesses being disrupted due to import controls triggered by money printing. The trend of net foreign selling has been continuing since early last year.
 
Analysts expect a market correction soon when the central bank’s tightening measures start to bite.
 
The day’s turnover was 7.3 billion rupees, well over this year’s average daily turnover of 3.9 billion rupees.
 
Stockbrokers have said the market is on the rise this week with heavy turnover mainly because investors hardly have other options during a 10-day lockdown which has been imposed through August 30.
 
Sri Lanka’s pandemic situation has been worsening with COVID-19 daily death toll has been recording a fresh record high in most of the days in the last week.
 
With Commercial Leasing and Finance, the gain was led by Expolanka Holdings and John Keells Holdings.
 
Commercial Leasing and Finance gained 4.80 rupees or 18.32 percent to close at 31.00 rupees a share.
 
Expolanka Holdings which has a significant export component in its business gained 2.75 rupees to close at 122.75 rupees and John Keells Holdings gained 2.25 rupees to close at 134.25 rupees a share.
 
Foreign investors, sold a net 116 million worth of shares on Wednesday, and the market has suffered a net foreign outflow of over 36.8 billion rupees so far this year.
 
The bourse saw 111 stocks gaining against 90 falling on Wednesday. (Colombo/August25/2021)
 
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D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Excellent analysis by CITIZEN

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