COLOMBO, Nov 18, 2014 (EconomyNext) – Sri Lankan stocks rose 0.3 percent Tuesday, the sixth consecutive daily increase, amid continuing foreign buying with the benchmark All Share Price Index hitting a 43-month high, brokers said.
The ASPI gained 24.2 points to close at 7,548.2 while the S&P SL20 Index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, gained 34.8 points to close at 4,204.9, up 0.8 percent.
Turnover was 3.8 billion rupees with several crossings or off-market negotiated deals in Access Engineering at 40.10 rupees, the day’s most heavily traded stock, accounting for 42 percent of it, stock brokers Lanka Securities said.
Other crossings in Central Industries, Ceylon Tobacco, Commercial Credit & Finance and Seylan Bank accounted for 47 percent of the total turnover.
Foreign investors bought 334.0 million rupees worth of stocks and sold 121.4 million worth, resulting in a net foreign inflow of 212.6 million rupees.
Market capitalization of the CSE, up 27.7 percent this year, stood at 3,205.4 billion rupees.
The ASI was volatile throughout the day before ending up, Asia Securities said.
Price gains in stocks like Dialog Axiata (up 6.9 percent to 14.00 rupees), Commercial Bank (up 2.7 percent to 179.90 rupees) and Carson Cumberbatch (up 7.9 percent to 474.90 rupees) helped push the index up.
The day’s turnover and volume traded were well above the 12-month averages, fuelled mainly by 24 crossings of which 19 were from Access Engineering.
Bartleet Religare Stockbrokers said banking sector stocks like Commercial Bank and Srylan Bank also drew interest.
But price losers outnumbered gainers 114 to 97 despite the market ending up.