CSE: Banks, consumer and hotel share prices up

Sri Lanka stocks closed up led by financial stocks, with the Colombo All Share Index ending just short of the psychological 16,000 points after falling in early trade.

The broader ASPI closed up 0.73 percent or 114.64 points at 15,926.00 ; while the more liquid S&P SL20 Index rose 1.11 percent or 52.91 points at 4,808.29.

“There is more selling pressure than the buying pressure but very high levels of volatility can be seen in the market,” Dimantha Mathew, Chief Research & Strategy Officer at First Capital Holdings PLC, told EconomyNext.

“There is a buying interest among investors but investors are uncertain about the capacities (of investment)”

“Banks, consumer and hotel stocks have pushed the market up.”

Commercial Bank closed up 0.36 to 138.50, Atiken Spence Hotels rose 1.64 to 80.80 and John Keells hotel up 0.97 to 20.90

Turnover was 3.7 billion rupees.

Top contributors to the rise of the ASPI were HNB ( ended 4.4% up to 323.50), LOLC (rose 2.5% to 138.00) Hemas Holdings (up 2.9% to 108.00), Browns investment(up 2.6% to 7.90) and Royal Ceramics Lanka ( closed 2.7% to 41.20)

There is greater interest in stocks with falling interest rates and taxes on banks deposits, according to some analysts. (Colombo/Jan10/2025)