Sri Lanka stocks down for second session on profit taking after gaining rally

- economynext.com

ECONOMYNEXT – Sri Lanka stocks slipped for the second session on Tuesday after ending upward rally that saw nearly 20% gain in 12 consecutive session as investors booked profits, dealers said.

The main All Share Price Index (ASPI) lost 1.97% or 178.89 points to 8,907.35. On Tuesday, it fell from its highest
close since March 30.

Market analysts said investors have been looking for profit taking after the index gained nearly 2,000 points in the 12 cnsecutive sessions through Monday.

Investors, however, have been shifting from top liquid shares to energy and plantation sectors now, analysts said.

The market generated 3.77 billion rupees in turnover, more than this year’s average daily turnover of
3.14 billion rupees.

Sri Lanka already declared sovereign debt default on April 12 this year and failed to pay its first sovereign debt in May amid a deepening economic crisis which later turned into a political crisis and led to a change in the president, cabinet, and government.

The more liquid S&P SL20 index dipped, closing at 2.98% or 90.59 points weaker at 2,847.00.

Sri Lanka is facing its worst fuel and economic crisis in its post-independence era and the economy is
expected to contract 7 percent this year.

The main ASPI gained 15.2 percent in August so far after gaining 5.3 percent in July. It lost 9.3 percent in
June, 23 percent in April, and 14.5 percent in March.

The market index has lost 27.1 percent so far this year after being one of the world’s best stock markets
with an 80 percent return last year when large volumes of money were printed.

Net foreign inflow was 77 million rupees on Wednesday, but the total net foreign outflow so far this
year is 1.17 billion rupees.

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

LOLC dragged the index down, closing 6.8 percent weaker at 570.0 rupees a share.

Commercial Bank closed 3.9 percent down at 213 rupees a share, and Browns Investments slipped 6.9
percent to 8.1 rupees. (Colombo/Aug17/2022)

You may also like

- colombogazette.com

Sri Lanka’s Government appears increasingly upbeat about its chances of receiving International Monetary Fund board approval for a $2.9 billion bailout by December, but the multilateral lender has cautioned that the time frame remains uncertain, and much depends on discussions with the heavily indebted country’s creditors. Peter Breuer, senior mission chief for Sri Lanka, and […]

- colombogazette.com

Sri Lanka today appealed to the creditors and stakeholders to help put the country back on the path of inclusive and sustainable economic growth. Addressing the 55th Annual Meeting of the ADB Board of Governors in the Philippines, President Ranil Wickremesinghe said that amidst major economic stress, Sri Lanka is undertaking an unprecedented fiscal effort […]

- colombogazette.com

The Philippines and Sri Lanka are to further strengthen bilateral relations between both countries. President Ranil Wickremesinghe said that the long-standing friendship between Sri Lanka and the Philippines would be promoted by developing Asian regional cooperation. The President said this during his meeting with the President of the Philippines, Ferdinand R. Marcos Jr. in Manila […]

- economynext.com

Wickremesinghe says Sri Lanka is taking some painful reforms to come out of economic crisis

- colombogazette.com

Colombo Mayor Rosy Senanayake has objected to the name “Hellfire” being used for a music festival to be held near the Lotus Tower. The Colombo Municipal Council (CMC) has given approval for the concert to be held tomorrow (Friday) but has instructed the organisers not to display the name “Hellfire”. The organiser of the concert, […]

- adaderana.lk

It has been decided to appoint two sub-committees related to national policies and economic stabilization in the inaugural meeting of the National Council , held with the participation of the ruling party and the opposition parliamentarians.

Entertainment:View All

Technology:View All

Local News

Local News

Sri Lanka News

@2022 - All Right Reserved. Designed and Developed by Rev-Creations, Inc