Sri Lanka stocks end flat with LOLC boosting turnover, rupee gains
ECONOMYNEXT – Sri Lanka stocks closed flat Wednesday with Japan’s Orix exiting the LOLC group driving-up market turnover, while the rupee strengthened against the US dollar, brokers and dealers said.
The rupee closed at 155.55/65 against the US dollar in the spot market gaining from the previous day’s close of 156.00/05 rupees on banks selling the greenback in the forward market, dealers said.
The Colombo All Share index closed 0.23 points lower at 6,440.20 and the S&P SL20 of more liquid stocks gained 4.50 points, up 0.12 percent to 3,639.52.
Market turnover was 13.4 billion rupees largely due to Japan’s Orix selling its 30 percent stake in LOLC to LOLC Holdings for 12.8 billion rupees.
LOLC closed 7 rupees higher at 118 rupees.
Deputy Chairman at LOLC Ishara Nanayakkara is the sole director and shareholder of LOLC Holdings. He now effectively controls 78.9 percent of LOLC.
Market turnover the previous day was 866 million rupees.
Net foreign selling was 12.7 billion rupees, largely due to the LOLC transaction. Net foreign buying was 477 million rupees the previous day.
LOLC and Dialog (up 30 cents to 13.70 rupees) contributed positively to the All Share Index while Ceylinco Insurance (down 121.50 rupees to 1,675.30) and CT Holdings (down 8 rupees to 175) weighed-down the benchmark index.
Off market negotiated trades, or crossings, amounted to 313.8 million rupees, or 2.3 percent of market turnover.
There were two crossings each in JKH (95.7 million rupees) and Kelani Cables (57.5 million rupees), and one each in Melstacorp (111 million rupees) and Sampath Bank (49.5 million rupees).
JKH closed flat at 159 rupees and Kelani Cable gained 4 rupees to 90.
Melstacorp closed 70 cents lower at 59.30 rupees and Sampath Bank was unchanged at 300 rupees. (COLOMBO, 28 March, 2018)