EconomyNext – Sri Lankan stocks rebounded after two days of losses led by gains in Dailog Axiata and other index heavyweight with foreign investors net sellers, brokers said.
The benchmark All Share Price Index gained 39.33 points (0.54 percent) to end at 7,306.17 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, rose 38.72 points or 0.95 percent to close at 4,113.34.
Turnover was 1.8 billion rupees. Several crossings or off-the-floor negotiated deals amounted to 41 percent of total turnover.
SC Securities said price gains were led by Dialog Axiata which closed at 12.30 rupees, 2.50 percent, along with Buki Darah, Selinsing and Carson Cumberbatch.
Commercial Bank emerged as the top contributor to turnover with 624 million rupees on crossings of 3.3 million shares at 180.00-181.00. There was a deal of 600,000 John Keells Holdings at 210.00.
"Eastern Merchants was the most favoured stock for the second consecutive day," Lanka Securities said. It reached a new 52-week high of 14.10 and closed lower at 12.20, up 6.1 percent.
Eastern Merchants was traded heavily the day before following the announcement of its sale of land and buildings in Union Place and Vauxhall Street with the stock rising sharply to a 52-week high of 11.70 rupees, up 75 percent.
Hatton National Bank voting and non-voting counters reached 52-week high prices of 240.00, up 2.0 percent, and 180.00, up 1.1 percent.
Foreign investors were net sellers with a net outflow of 201 million rupees and foreign participation of 47 percent.
Net foreign outflows were seen in Commercial Bank, Hatton National Bank non-voting, and Carson Cumberbatch while net foreign inflow was mainly seen in John Keells Holdings.