Sri Lanka stocks hit 1-month high on political stability hopes after new PM appointment

Sri Lanka
By Editor_1
0

COLOMBO – Sri Lanka’s main stock index gained over 4% on Friday (13) to end at more than one-month high driven by positive sentiments of political stability, following the appointment of opposition legislator Ranil Wickremesinghe as the new prime minister.

“The market moved up purely on the positive sentiments. But it will all depend on the delivery of the Prime Minister and the Cabinet the new government is going to have,” a top market analyst said.

Wickremesinghe was appointed as the country’s Prime Minister late on Thursday (12) for a record sixth time.

The Cabinet which will be appointed by President Gotabaya Rajapaksa in consensus with the Prime Minister is yet to be named.

The main All Share Price Index (ASPI) closed 4.43% or 343.79 points up at 8,098.41 at the close, its highest close since April 8, official data showed.

The market bounced on Thursday purely on hopes that the political deadlock was going to be addressed with the appointment of a new prime minister.

The island nation saw the lifting of 60-hour curfew at 7:00 a.m. on Thursday after violent clashes killed at least nine including a ruling party legislator and left nearly 300 injured. The clashes, triggered by an attack on unarmed protesters by ex-prime minister Mahinda Rajapaksa supporters on Monday (9), saw houses and vehicles of many ruling party members either damaged or burnt.

Rajapaksa resigned in the aftermath of the attack and the  market remained closed for two days through Wednesday (11).

The most liquid index S&P SL20 up 5.52% or 139.56 points to close at 2,669.73.

Market analysts have said that investors were disappointed with the way the island’s politics was moving despite the people’s call for transparency and stability.

The day’s turnover was Rs 2.18 billion, its highest since April 29 and nearly half of this year’s average daily turnover of Rs 4.2 billion.

The Rs 84.5 billion has already suspended foreign debt payments as it had run out of dollars. Investors are also concerned over the steep fall in the rupee, which has fallen over 80% since it was allowed flexibility on March 7.

On Friday the rupee was quoted around 360 against US dollar, down from 380 on Thursday. This is the first time the currency has seen an appreciation since it was allowed to be market determined on March 7.

The market has gained 6.2% in May so far following a loss of 14.5% in March and 23% in April.

Overall the market has lost 33.7% so far this year after being one of the world’s best stock markets with an 80% return last year.

Foreign investors net bought Rs 9.1 million rupees’ worth of shares. The market has witnessed a total foreign outflow of Rs 1 billion so far this year.

Shares in Expolanka Holdings were up 12.6% to close at Rs 194.25 a share, LOLC gained 6.7% to close at Rs 497.50 a share, while Aitken Spence ended 13.25% up at Rs 81.20 a share.

-economynext.com

 

Editor_1
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