Sri Lanka stocks down from over 1-wk high amid budget uncertainties; turnover picks upSri Lanka speaker signs constitutional amendment into lawSri Lanka’s stocks edge down in mid-day tradeSri Lanka hikes company registration fees | Sinhala News

Sri lanka News – Sri Lanka stocks fell on Friday from more than one-week high on a dull sentiment with investors taking a wait and see approach until the end of the 2023 budget debate, but turnover jumped to a three-week high, brokers said.

The 2023 budget will be presented to the parliament on November 14 and new tax reforms are expected in the budget.

The main All Share Price Index (ASPI) fell 0.84 percent or 73.63 points to close at 8,728.60, from its highest close since October 19 hit on the previous day.

“We will continue to see the bearish market in the coming days as well with the investors taking a waiting approach to see what will happen in the budget debate, “an analyst said.

The analyst said investors are waiting to see some downward adjustments in the interest rates.

The market saw net foreign inflows of 136 million rupees. The total net foreign inflow so far for this year is 18.5 billion rupees.

The more liquid index S&P SL20 closed 1.29 percent or 34.59 points lower at 2,642.44.

The market saw a turnover of 3.8 billion rupees, highest since October 4 and higher than this year’s average turnover of 3.1 billion rupees.

The index has lost 12.1 percent so far this month and 28.6 percent year-to-date after being one of the world’s best stock markets with an 80 percent return last year when large volumes of money were printed.

Even though the companies have shown reasonable profits in the second and third quarters of the year investors are concerned over December-quarter earnings.

Analysts said, the disposable income of the general public and the investors reducing due to rapid inflation in the country and the proposed tax hikes is the main reason for the negative expectations over the December earnings.

Lanka IOC, dragging the index down, closed 5.9 percent weaker at 191.5 rupees a share.

Expolanka Holdings fell 2.7 percent to 161.2 rupees a share while Browns Investments closed 4.5 percent weaker at 6.3 rupees a share. (Colombo/Oct 28/2022)

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