Block deals boost turnover on Sri Lankan bourse

ECONOMYNEXT – Sri Lankan stocks closed mixed Thursday while block deals pushed up turnover with foreign investors net sellers, brokers said.

The All Share Price Index edged up 5.54 points (0.09%) to close at 6,451.51 while the S&P SL20 index of more liquid stocks ended at 3,624.99, down 1.57 points (-0.04%). Turnover was Rs1.37 billion.

Bartleet Religare Securities said negotiated deals on six stocks propped up turnover of which around 84% was through negotiated transactions.

The main deals were in Union Assurance, John Keells Holdings, Nestle Lanka and Keells Food Products.

There was continuing interest in Softlogic Holdings which continued to see an upward movement since the announcement of plans on restructuring its debt portfolio, the brokers said.

Foreign purchases amounted to 31% of turnover with foreigners being to be net sellers. The main foreign selling was in Nestle Lanka while buying was in Hatton National Bank non-voting shares.

(COLOMBO, March 22, 2018)

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