Sri Lanka stocks end at 5-month high after IMF deal announcement

Sri Lanka
By Editor_1

COLOMBO -Sri Lanka stocks gained on Thursday (Sept 1) for the third session to end at five-month high after the International Monetary Fund (IMF) confirmed a 48-month, $2.9 billion Extended Fund Facility (EFF) for the island nation to come out of the economic crisis.

The main All Share Price Index (ASPI) shot up 2.02% or 183.49 points to 9,925.81, its highest since March 30.

The market generated 4 billion rupees in turnover, higher than this year’s average daily turnover of 3.14 billion rupees.

“IMF staff level agreement lifted the market. Investors believe normalcy will prevail sooner than later,” a market analyst said.

“Investors expect the economy to recover sooner than later.”

The market saw a net foreign inflow of 127.6 million rupees on Thursday. The total net foreign flow turned into inflow on Wednesday (Aug 31) and the bourse has seen a net foreign inflow of 677 million rupees so far this year.

Sri Lanka defaulted on its foreign debt on April 12 and deepened an economic collapse into a political crisis. Sri Lanka is facing its worst fuel and economic crisis in its post-independence era. The economy is expected to contract more than 8% this year.

The more liquid S&P SL20 index ended 2.73% or 80.01 points up at 3,008.98.

The main index ASPI gained 17.3% in August after gaining 5.3% in July. It lost 9.3% in June, 23% in April, and 14.5% in March.

The index has lost 24.3%so far this year after being one of the world’s best stock markets with an 80% return last year when large volumes of money were printed.

Investors are also concerned over the steep fall of the rupee from 203 to 370 levels so far in 2022.

Sampath Bank pushed the index up, closing 7.5% higher at 34.4 rupees a share.

Lanka IOC closed 7.4% up at 192.5 rupees a share, and Melstacorp gained 4.5% to 56.2 rupees.

-economynext.com

 

Editor_1
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