ECONOMYNEXT– Sri Lanka stocks closed at a fresh all-time high as it gained for a fifth straight session on Friday crossing 9,900 points on earning hopes in export and manufacturing-related shares, brokers said.
The Colombo benchmark All Share Price Index gained 0.34 percent or 33.72 points to close at a new all-
time high at 9,915.22. The index touched an intrastate peak of 9,997.66 during the mid-day trade.
The S&P SL20 index of more liquid stocks gained 0.92 percent of 33.02 points to close at 3,605.72.
“The market is very optimistic and positive on earnings. Expolanka is expected to release its September quarter earnings next week,” a broker said.
The majority of the contribution for the index gain came from Expolanka, dealers said.
Brokers on Monday said dome investors are maintaining a wait-and-see approach due to the shorter-
a trading week and ahead of the quarterly earnings reports.
Brokers are also expecting the companies to report high earnings which they predict will drive the
market up for the next two months if the rates are not increased.
Foreign investors, however, sold a net of 108.5 million rupees’ worth of shares on Friday. The market has suffered
a net the foreign outflow of over 44.7 billion rupees so far this year.
The day’s turnover was 4.4 billion rupees, above this year’s average daily turnover of over 4 billion
The gain was also contributed by LOLC Holdings and Hayleys PLC.
Expolanka Holdings, the market heavyweight which has a significant export component in its business,
gained 3.72 percent to close at 209.00 rupees a share.
LOLC Holdings gained 1.48 percent to close at 652.25 rupees a share.
Hayleys PLC gained 2.96 percent to close at 102.75 rupees a share.
Dealers said they saw a share pick up in manufacturing sector stocks in counters such as Hayleys Fabric, Royal Ceramics, Priamal Glass Ceylon, Lanka Tiles and Lanka Walltiles ahead of the earning reports.
The bourse saw 111 stocks gaining against 82 falling on Friday.