Wednesday January 23, 2019
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Sri Lankan stocks close lower, foreign selling in JKH

Jan 03, 2019 15:16 PM GMT+0530 | 1 Comment(s)

ECONOMYNEXT – Sri Lankan stocks closed lower Thursday with the benchmark index dragged lower by losses in Dialog Axiata and John Keells Holdings while bond yields were slightly lower, brokers and dealers said.

The All Share Price Index of the Colombo stock exchange closed at 6,058.48, down 3.72 points or 0.06 percent while the more liquid S&P SL20 index fell 19.55 points or 0.63 percent to end at 3,091.52.

Total turnover was 805 million rupees with no crossings or negotiated block deals.

Dialog Axiata closed at 10 rupees, down 30 cents (2.91 percent) while JKH ended at 157 rupees, down one rupee (0.63 percent).

There was a net foreign outflow of 163 million rupees worth of shares, mainly because of selling in JKH.

Estimated net foreign buying was mainly in Teejay Lanka which closed at 33 rupees, up 40  cents or 1.23 percent.

Bond yields were higher in the secondary market.

Trading volumes were thin with limited activity levels, First Capital Holdings said.

“Amidst profit taking, limited activity was witnessed on short tenure maturities.”

Bonds maturing on 01.03.21 and 01.05.21 were trading at 11.30 percent, and 15.12.21 bonds at 11.35-40 percent levels while long tenure maturities, 01.08.26 at 11.62-67 percent levels and 15.06.27 at 11.70 percent.
Updated
(Colombo/January 03/2019)

 


 

1 Comments

  1. Tilak January 04, 07:11 AM

    The strategic structure of JKH has been changing mainly with huge development projects that are in the pipeline along with a rapidly a changing relevant external environment.It seems somewhat similar to the challenge of navigating a fully loaded huge ship in very turbulent weather.
    The main challenge for the new management seems to be the harmonizing of the internal somewhat fixed strategic structure with rapidly changing difficult to predict external environment using those remaining considerable strengths whilst mitigating weaknesses.

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