Sri Lanka stocks extend slump, foreigners buy into banks

ECONOMYNEXT – Sri Lankan stocks sank for the fourth straight session on Wednesday amid an increase in treasury bill yields but foreign buying was seen in banking shares which fell to yearly lows, brokers said.

The All Share Price Index lost 7.54 points or 0.11 percent to close at 6,841.55 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell 8.38 points (0.23 percent) to close at 3,616.01.

Daily market turnover was a low 586 million rupees with crossings or off-the-floor negotiated deals in People’s Leasing & Finance, Commercial Bank and DFCC Bank.
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“Colombo equities extended the losing streak for the fourth consecutive session on Wednesday amid the increase in treasury yields after six weeks of decline,” stock brokers Lanka Securities said.

Several banks sank to 52-week lows, including Commercial Bank which ended at 139.90, DFCC Bank at 160.00, National Development Bank at 187.00 and Amana Bank which closed at 4.60, the brokers said.

Foreign investors were net buyers with net inflow mainly seen in People’s Leasing & Finance, DFCC Bank and Commercial Bank non-voting.

The benchmark index was dragged lower by price dips in stocks like Distilleries, which fell 1.1 percent to close at 257.10 rupees, Dialog Axiata, which closed at 10.60, down almost one percent, Chevron Lubricants which fell 1.7 percent to 350.00, and John Keells Holdings which closed at 179.00, down 0.35 percent. (Colombo/December 09 2015)
 

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