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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka shares slip after touching fresh record high

Sri Lanka shares slip after touching fresh record high

Go down  Message [Page 1 of 1]

CITIZEN

CITIZEN
Manager - Equity Analytics
Manager - Equity Analytics

ECONOMYNEXT – Sri Lanka’s stock index touched a fresh record high on Friday (01). but slipped for the first time in eight sessions but analysts expect the positive trend to continue in hopes of strong earnings and the central bank’s latest policy framework.
The index touched a fresh record high of 9,521.88 during the first hour into the trade, however, the market continued to fall throughout the day before closing 0.19 percent or 17.64 points down at 9,442.30.
The S&P SL20 index of more liquid stocks gained 0.13 percent or 4.73 points to close at 3,539.55.
The central bank, under new governor Ajith Nivard Cabraal, launched a six-month Road Map for Ensuring
Macroeconomic and Financial System Stability on Friday.

Investors expected policy measures to convert export proceedings and strong foreign inflows, as predicted by Cabraal, to minimize the risk of sharp rupee depreciation and that in turn to help many listed companies to earn higher profits.
The removal of 100 percent letter of credit margin on non-essential imports was also seen as positive.
The opening of the economy from a near 40-day lockdown also helped boost sentiment.
An increase in Treasury bill rates, which rose between 32-71 basis points this week, was a concern as the move has signalled a gradual rise in the market interest rates.
The move could help the central bank to print less money while brokers say the rise in the interest rates
could see investors shifting their funds from equity to fixed assets slowly.

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