Sri Lanka stocks downs 0.6-pct amid political moves
Aug 08, 2017 18:23 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's stocks fell 0.6 percent with foreign selling in Chevron Lanka and speculation over the resignation of a senior minister casting a pall over domestic investor sentiment on political stability, brokers said.
The Colombo All Share Price Index fell 43 points to 6,524 on Tuesday. The S&P SL20 Index fell 30 points (0.8 percent to close at 3,754.08.
Turnover was 350 million rupees down from 405 million on Friday. Foreign selling was 124.9 million compared to purchases of 95.8 million rupees.
Domestic investors were watching political developments where there was speculation that foreign minister Ravi Karunanayake would step down following revelations that Perpetual Treasuries, a controversial primary dealer involved in a bondscam had paid the rent of his apartment.
Economic fundamentals were however strenghtening compared to two years ago and growing corporate earnings were pointing to good, valuations, brokers said.
John Keells Holding dropped 4.80 to close at 165.00, Nestle dropped 30.10 t close at 1903.10 and Chevron Lanka closed 5.10 rupees lower to close a 134.90 with foreign selling, brokers said.
Commercial Bank of Ceylon was down 40 cents at 137.20, DFCC Bank was up 20 cents at 121.00, HNB was flat at 233, Sampath was down 10 cents at 280.10, NDB was down 1.40 at 139.60 and Seylan Bank was flat at 96.00 rupees.
Sunshine Holdings was down 2.30 to close at 59.00, Melstacorp was down 1.0 rupee at 64.00
People's Insurance was up 50 cents at 22.80, Central Finance was down 1.0 at 87.00 and People Leasing and Finance was flat at 17.00.
Ceylon Grain Elevators was down 1.70 at 68.50 rupees, Dipped Products was down 1.10 at 96.00 and Royal Ceramics was down 2.30 at 127.50 rupees. (Colombo/Aug08/2017)