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Sri Lanka stocks end six-day rally

ECONOMYNEXT – Sri Lankan stocks ended a six-day rally Thursday amid high institutional activity and foreign investor selling, brokers said.

The All Share Price Index lost 23.96 points or 0.34 percent to close at 7,070.13 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell 12.11 points (0.32 percent) to close at 3,827.89.

Daily market turnover was 899 million rupees, with several crossings or off-the-floor negotiated deals, brokers Lanka Securities said.

Commercial Bank emerged as the top contributor to the turnover with a single crossing of 1.7 million shares at 156.00 rupees with the stock accounting for 34 percent of total turnover.

There were also crossings in Distilleries at 275.00 and Hatton National Bank at 218.00.

The main index was dagged lower by falls in high cap stocks like Commercial Bank, down 1.3 percent, Dialog Axiata, down 0.9 percent and Sri Lanka Telecom which fell 1.0 percent.

Brokers Lanka Securities said that despite the profit increases in Citizen Development Business Finance and Singer Finance, both stocks fell.

Citizen Development Business Finance closed at 98.40, down 1.6 percent while Singer Finance closed at 24.10, down 4.7 percent.  (Colombo/October 29 2015)

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