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GDP growth reaches 4.3% in 1Q 2021

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The All Share Price Index hence increased by 40.6 points (+0.5%) to close at 7,852.2 yesterday whilst the S&P SL20 Index also gained 23.1 points (+0.8%) to close the day at 2,979.0. Commercial Leasing & Finance, LOLC Holdings, Expolanka Holdings, John Keells Holdings and LOLC Finance remained as the top positive contributors to the ASPI during the day.

Further, the broader market’s total turnover stood at LKR. 3,448.9 against the 12-month average daily turnover of LKR 3,119.9mn, whilst the volume traded for the day was 446,939.6k against the 12-month average daily volume of 173,450.1k.

Banking, Capital Goods, Diversified Financials andFood and Beveragewere the main sectors that contributed to the daily turnover. The top traded counters for yesterday were Panasian PowerLKR1, 685.7mn (-2.4%), Hatton National Bank LKR303.5mn (+0.9%), Expolanka Holdings LKR275.5mn (+2.2%),LOLC Holdings LKR129.5mn(+1.3%) and Teejay Lanka LKR127.4mn (+3.9%).

Foreigners were net sellers yesterday recording an outflow of LKR783.3mn during the day. Foreign purchases stood at LKR152.4 mn which were approximately witnessed in Expolanka Holdings, John Keells Holdings, Lanka Tiles and Lanka Walltiles whilst total foreign sales amounted to LKR 935.7mn, assumed to be seen in Panasian Power, Hatton National Bank, Ceylon Tobacco and Teejay Lanka. Further, off-board transactions were witnessed in Pan Asia Power, Hatton National Bank(Voting and Non-Voting) and Teejay Lanka yesterday.

Further, Panasian Power, Expolanka Holdings, Browns Investments, Hayleys Fabric and RIL Property remained as the most actively traded stocks yesterday.

On the economic front, Sri Lanka’s Central Bank said it will dip into its foreign exchange reserves to partly repay USD1 billion of bonds maturing later this month, seeking to allay investors’ concern about a possible default.

There may be some inflows to the government coming in July, which could also be used towards the debt obligation.

Meanwhile, the department of Census and Statistics released the estimated GDP growth rate for the first quarter of 2021 which has recorded 4.3 percent growth rate when compared to a negative growth rate of 1.8 percent in the first quarter of 2020.

The performance of the economy was affected to some extent due to the second wave of Covid-19.

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