Stocks Hit 6-Week High
Posted 18,May

By Chehan Jayasuriya

In Local News

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On Tuesday, Sri Lanka’s stocks closed on a positive note, with the indices hitting a six-week high.

The All Share Price Index (ASPI) gained 4.44% or 359.24 points to close at 8,457.65, while the S&P SL20 gained 5.54% or 147.50 points to close at 2,809.81 points. The day’s turnover was 2.7 billion LKR, its highest since April 28 and more than half of this year’s daily average of 4.2 billion LKR.

Tuesday’s market gains generated a market capitalization of 232 billion LKR.

Positive sentiments brought about the appointment of Ranil Wickremesinghe as the new Prime Minister helped drive the indices up at the Colombo Stock Exchange (CSE). However, concerns remain 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. He further stated that the momentum would last only if the PM delivers on his promises.
On Saturday, a four-member cabinet was appointed to lead foreign affairs, public administration and home affairs, urban development, and power and energy from the ruling party, SLPP.
The market gained 10.9% in May after losing 14.5% in March and 23% in April. Overall the market has lost 30.8% so far in 2022.
Shares in Expolanka gained 13.1% to close at 219.75LKR a share, while LOLC gained 11.3% to close at 553.75LKR a share. Shares in Browns Investment gained 16.2% to close at 7.20LKR a share.