Sri Lanka stocks down 0.3-pct, rupee flat

ECONOMYNEXT – Sri Lankan stocks ended 0.34 percent lower with foreign inflows slowing down while the rupee was unchanged against the US dollar in dull trading Wednesday, brokers and dealers said.

The rupee closed unchanged at 153.70/80 against the US dollar in the spot market on moderate volumes, dealers said.

The All Share index closed 24.18 points lower at 6,502.96 while the S&P SL20 index of more liquid stocks fell 17.05 points (down 0.45 percent) to 3,791.57.

Market turnover amounted to 376 million rupees, down 31% from Tuesday, with trading volumes also dropping, brokers said.

“It was a dull day. Foreign inflows slowed down, especially in index-heavy JKH and local participation was also subdued leading to thin trading volumes,” says Prasanna Chandrasekera, a director at Softlogic Stockbrokers.

The benchmark index was weighed down by Ceylon Tobacco which closed 35 rupees lower at 1,030 rupees, Dialog closing 10 cents lower at 13.50 rupees, HNB down two rupees to 253 rupees and Hemas Holdings closing one rupee lower at 123 rupees.

Foreigners were net buyers at 18.2 million rupees, down sharply from a 205.5 million rupee net inflow the previous day. 

Foreign buying topped 33 million rupees in John Keells Holdings (up by 10 cents to 164 rupees) while foreign selling topped 25.5 million rupees in Cargills (down 20 cents to 196 rupees), according to Asia Securities.

A single crossing, or off-the-floor negotiated deal, amounting to 20.6 million rupees took place involving Panasian Power, the share closing unchanged at 2.70 rupees. (COLOMBO, January 10, 2018)





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