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Sri Lanka stocks close 0.39-pct lower, selling in banks, JKH

ECONOMY NEXT | 09.05.2019

Sri Lanka’s stocks closed 0.39 percent lower on Thursday, with selling interest on John Keells Holdings (JKH) and banks.

The benchmark All Share Price Index (ASPI) closed 20.77 points lower at 5,352.20. The ASPI had reached an intra-day high of 5374.68 in the first half hour of trading, before moving towards an intra-day low of 5,349.04 just before closing.

The more liquid stocks on the S&P SL20 Index closed 0.64 percent or 16.34 points lower at 2,535.82.

Market turnover was 228.8 million rupees, with 36 stocks gaining and 70 falling.

Foreign participation was low, with net inflows of 30.8 million rupees to the market.

Hatton National Bank contributed most to the ASPI fall, closing 3.90 rupees lower at 160.10 rupees a share.

Of the 17 banking stock, 12 fell, while 4 were flat, and one gained.

JKH closed 1 rupee lower at 137 rupees a share, also pulling the ASPI down.

Market participants are continuing to sell stocks to buy at a discount later, as corporate earnings are likely to take a hit in the June quarter after the Easter bombings, said Atchuthan Srirangan, Assistant Manager Research at First Capital, an investment bank.

Piramal Glass Ceylon, Sampath Bank and Commercial Bank accounted for 62 percent of daily turnover.

Piramal Glass Ceylon gained 10 cents to close at 3.30 rupees a share.

Sampath Bank closed 1.20 rupees lower at 149.30 rupees a share, followed by Commercial Bank, which closed 80 cents lower at 90 rupees a share.

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research delivers a heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.