Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Sri Lankan shares extend gains to 2-week closing high

Sri Lankan shares extend gains to 2-week closing high

Go down  Message [Page 1 of 1]


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lankan shares rose for a fourth straight session on Friday and posted their highest close in two weeks as investors bought banking and diversified stocks, stockbrokers said.
But a lack of supportive news amid concerns over political uncertainty capped the upside, analysts said.
The Colombo stock index ended 0.32 percent higher at 6,138.08, its highest close since June 29. It rose 0.5 percent this week, its first weekly gain in eight weeks.
“Market sustained its momentum. Local investors have got activated and they are buying on valuations,” said Hussain Gani, deputy CEO, Softlogic Stockbrokers.
Turnover stood at 626 million rupees ($3.92 million), less than this year’s daily average of 900.5 million rupees.
The benchmark stock index hit its lowest close since March 30, 2017 on July 4, and has declined for 19 sessions in 26 through Friday.
A downward revision in economic growth estimate by the central bank has hit sentiment, analysts said.
Economic growth in 2018 is likely to be between 4 percent and 4.5 percent, falling short of an earlier estimate of 5 percent, Central Bank Governor Indrajit Coomaraswamy told reporters last Friday, adding that the earlier estimate was “ambitious”.
Foreign investor net sold equities worth 4 million rupees on Friday, extending the year-to-date net foreign sale to 2.4 billion rupees.
Shares in Lion Brewery (Ceylon) Plc rose 8.9 percent, Nanda Investment Plc ended 12.4 percent higher, Cargills (Ceylon) Plc climbed 1.8 percent and conglomerate John Keells Holdings Plc gained 0.4 percent.
Investors are waiting for some positive news both on the economic and political front, said analysts, adding that the government’s policy implementation had been sluggish since both main parties in the ruling coalition lost local polls in February.
The International Monetary Fund said on June 20 that Sri Lanka’s economy remained vulnerable to adverse shocks because of sizable public debt and large refinancing needs.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum