Sri Lanka stocks gain to six-week high on political stability hope; concerns remain

Sri Lanka
By Editor_1
0

COLOMBO – Sri Lanka’s main stocks closed firmer, gaining 4.4% on Tuesday (17) to hit a six-week high due to hopes of political stability in the crisis-hit nation after violent clashes, though concerns remained over the economic crisis.

“The market is moving on the positives as there is some sign of political stability. But this momentum will not last for long as interest rates in the market are already high,” a top market analyst said.

The main All Share Price Index (ASPI) closed 4.44% or 359.24 points up at 8,457.65 at the close, its highest close since April 6, the official data showed.

The market analyst said that the momentum will only last long if the PM delivers.

United National Party (UNP) leader Ranil Wickremesinghe, who was appointed as the country’s prime minister on Thursday (12) for a record sixth time, addressing the nation on Monday (16)  over its economic crisis, warned the country will go through its worst in the coming few days with power cuts that could go up to 15-hours on the cards.

On Saturday (14), a four-member Cabinet – foreign affairs, public administration and home affairs, urban development, and power and energy from the Sri lanka Podujana Peramuna (SLPP) was appointed by President Gotabaya Rajapaksa.

Since the PM was appointed the market has been on an upward trajectory as investors saw it as a sign of stability with the end of the political deadlock. However, analysts said Tuesday’s conduct in the Parliament, as it voted to elect a deputy speaker and against fast-track an opposition move to condemn President Gotabaya Rajapaksa, raised some concerns.

The most liquid index S&P SL20 up 5.54% or 147.50 points to close at 2,809.81.

The day’s turnover was Rs 2.75 billion, its highest since April 28 and more than half of this year’s average daily turnover of Rs 4.2 billion.

The Rs 84.5 billion economy 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 depreciated over 80% since it was allowed flexibility on March 7.

On Tuesday the rupee was quoted at around 365 against the US dollar, up from 360 on Friday (13).

The market has gained 10.9% in May so far following a loss of 14.5% in March and 23% in April.

Overall the market has lost 30.8% so far this year after being one of the world’s best stock markets with an 80% return last year.

Foreign investors sold a net Rs 55.9 million worth of shares. The market has witnessed a total foreign outflow of Rs 1 billion so far this year.

Today’s gain generated a market capitalization of Rs 232 billion.

Expolanka Holdings shares were up 13.1% and closed at  Rs 219.75 a share, LOLC gained 11.3% to close at Rs 553.75 a share, while Browns Investment ended 16.2% up closing at Rs 7.20 a share.

-economynext.com

 

Editor_1
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