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Sri Lanka stocks close 0.24-pct lower, rupee weakens

ECONOMYNEXT – Sri Lanka stocks closed 0.24 percent lower on Monday midst foreign buying in banking stocks like Commercial Bank and Sampath, while the rupee weakened against the US dollar, brokers and dealers said.

The rupee weakened to 156.10/15 rupees against the US dollar in the spot market, dealers said. The US dollar closed Friday at 156.05/10 rupees.

Treasury bond yields were unchanged across all maturities from Friday’s close on moderate volumes.

The Colombo All Share index closed 15.83 points lower to 6,493.63. The S&P SL20 of more liquid stocks closed 0.28 percent lower, down 10.47 points to 3,669.46.

In a dull day of trading, market turnover was 396.5 million rupees, down 52 percent from Friday.

Net foreign buying was 58 million rupees, down 48 percent from the previous day.

Foreign buying in Sampath Bank was 25 million rupees, and 21 million rupees in Commercial Bank.

Sampath Bank closed 4 rupees lower at 300.10 and Commercial Bank lost 30 cents to 135.50 rupees.

Foreign selling was 2 million rupees in Dialog, up 10 cents to 13.60 rupees.





Sampath Bank, Carson Cumberbatch (down 4.90 rupees to 170) and Sri Lanka Telecom (down 40 cents to 27.40 rupees) weighed down the benchmark All Share index.

Off-market negotiated trades, or crossings, amounted to 127.8 million rupees and was 32 percent of market turnover.

Two crossings in Commercial Bank amounted to 82.5 million rupees, and one each in Commercial Bank (Non-voting) at 20.2 million rupees and Sampath Bank 25.1 million rupees.

Commercial Bank non-voting shares gained 90 cents to 107.20 rupees. (COLOMBO, March 19, 2018)

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