Sri Lanka stocks close up, pushed by banking

Sri Lanka’s Colombo Stock Exchange closed up on Monday, with banking counters seeing interest, brokers said.

The All Share Price Index was up 0.65 percent, or 145.47 points at 22,695.00; while the S&P SL20 was up 0.60 percent, or 37.08 points, at 6,244.64.

“We saw some investor interest in banking counters, probably due to buying interest following dip in April, when the entire banking sector was down,” Dimantha Matthew, Chief Research and Strategy Officer at First Capital Holdings said. 

National Development Bank (up 3.34 percent at 116 rupees), Dialog Axiata (up 2.29 percent at 35.80 rupees), Melstacorp (up 1.09 percent at 185 rupees), and Colombo Dockyard (up 3.71 percent at 132.75 rupees) were top positive contributors to the ASPI. 

Ceylinco Insurance (down 2.82 percent at 3,156.50 rupees), Cargills (Ceylon) (down 1.42 percent at 696 rupees), and Windforce (down 1.65 percent at 47.60 rupees) were top negative contributors. 

Market turnover was 4.81 billion rupees. Food, beverage and tobacco led turnover with 2.72 billion rupees, while banks contributed 808.4 million rupees.

“Ceylon Tobacco Company contributed to around half the turnover with 2.4 billion rupees in crossings,” Matthews added further.

Crossings were recorded in Ceylon Tobacco Company (1,341,170 shares), John Keells Holdings (1 million shares), Lanka IOC (150,000 shares), Laugfs Gas (480,000 shares), Sierra Cables (1 million shares), Commercial Bank of Ceylon (500,000 shares), and Asiri Hospital Holdings (600,000 shares).

Melstacorp saw interest after the company announced its fully owned subsidiary, Mels Automobiles (Private) Limited, had been appointed as the authorized importer and dealer for BMW automotive vehicles in Sri Lanka.

The stock closed up 2 rupees at 185.

Rising rubber prices are likely to benefit listed companies with rubber exposure, according to a First Capital research note.

Rising rubber prices likely to benefit Sri Lanka’s listed companies

Maskeliya Plantations (up 10 cents at 71.80 rupees), Watawala Plantations (up 20 cents at 50.60 rupees), and Hapugastenna Plantations (up 30 cents at 57.60 rupees) saw gains, while Malwatte Valley Plantation (58.00 rupees), Bogawantalawa Plantations (74.90 rupees) and Namunukula Plantations (76.50 rupees) traded flat.