ECONOMYNEXT – Sri Lanka’s stocks edged up on Wednesday recovering from the two-day loss, with banking and finance sectors pushing up the market as buying interest returned for the day, easing selling pressure, brokers said.
The main All Share Price Index (ASPI) closed up 0.42 percent or 39.03 points to 9,272.43.
The market was on a downward trend since last week as investors are adopting a wait-and-see approach until more clarity is given regarding local debt restructuring after the International Monetary Fund approved the extended loan facility.
“Buying interest has renewed and selling pressures are wearing off,” Ranjan Ranatunga of First Capital Holdings said.
Shares at Lanka IOC was gaining during the following week on the news that the Sri Lanka cabinet has granted approval for three oil companies from China, the United States, and Australia in collaboration with Shell Pl to lease 150 fuel stations for each company to operate in the local market.
However, sudden price revision of fuel by the Energy Ministry has hit the shares dragging it down, analysts said.
A crossing was seen by Horana Plantations, with a 51 percent stake change coming into play, the crossing had generated 700 million rupees from the total turnover, Ranatunga said.
The market saw a net foreign inflow of 32.8 million rupees, and the total offshore inflows recorded so far in 2023 are 3.3 billion rupees.
The most liquid index, S&P SL20, closed 0.64 percent or 16.95 points up at 2,673.25.
The market saw a turnover of 1.4 billion on Wednesday, below this year’s daily average of 1.8 billion rupees.
Top gainers were Sampath Bank, Vallibel One and DFCC Bank.(Colombo/March29/2023)