Sri Lankan stocks up, foreign buying in Teejay Lanka
Feb 08, 2019 22:21 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lankan stocks ended higher Friday pushed up by gains in fabric maker Teejay Lanka (TJL), which foreign investors bought, and Sri Lanka Telecom, brokers said.
The All Share Price Index ended at 5,964.14, up 4.35 points or 0.07 percent while the more liquid S&P SL20 index closed at 3,058.07, up 4.82 points or 0.16 percent. Turnover was 475 million rupees.
Asia Securities said foreign investors were net buyers with net foreign buying of 51.8 million rupees worth of shares, mainly in TJL.
Estimated net foreign selling was mainly in Commercial Bank.
However, the bourse lost 8.3 billion rupees during the week, Bartleet Religare Securities said.
“Volatility fuelled by the political front continued to loom over the markets with turnovers and volumes declining week-on-week,” they said.
“Investors seemed to be taking a ‘wait and see” approach as the national budget is to be presented to the parliament on 5 March.”
The brokers said foreigners continued to be bearish in Sri Lankan equities.
“Foreign pessimism continued, posting a net foreign outflow of 900.8 million rupees with foreign sales accounting for about 60 percent of turnover,” they said.
The net foreign outflow in the year-to-date stood at 3.3 billion rupees with John Keells Holdings and Hatton National Bank seeing the highest net foreign outflows while Sampath Bank attracted the highest foreign inflow.
In the bond market, First Capital Holdings said the secondary market yield curve continued to remain mostly unchanged on the back of limited activities with moderate volumes changing hands during the day.
Selling interest was witnessed on short tenure 01.08.21 and15.12.21 bonds around 11 percent mainly from local and foreign counter parties while limited activities were seen on bonds maturing on 15.06.27 at 11.37 percent.