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Sunday October 24th, 2021
Stocks & Companies

Sri Lanka stocks fall for third session; foreigners sell

ECONOMYNEXT – Sri Lanka stocks closed 1.46 percent weaker on Tuesday (07), falling for a third straight session due to continued profit taking after a rally in the previous two weeks amid foreign outflows, brokers said.

Analysts had expected a market fall with the central bank’s unexpected monetary tightening measures since August 19 and successive increase of a ceiling yield on 12-month Treasury bills.

The index closed 135.14 points down at 9,092.74 points after pendulum moves.

The S& P SL20 index of more liquid stocks fell 1.01 percent or 34.72 points to close at 3,417.69.

The country’s risky assets have unusually gained partly due to record low-interest rates, excess liquidity in money markets, and some businesses being disrupted due to import controls triggered by money printing. The trend of net foreign selling has been continuing since early last year.

Foreign investors sold a net 89.8 million worth of shares on Monday, and the market has suffered a net foreign outflow of over 40.9 billion rupees so far this year.

The day’s turnover was 8.6 billion rupees, well over this year’s average daily turnover of 4.04 billion rupees.

The fall was led by Brown Investments, LOLC holdings and Commercial Leasing and Finance.

Browns Investments fell 6.36 percent to close at 10.30 rupees and Commercial Leasing and Finance fell 3.24 percent to close at 20.90 rupees a share.

LOLC Holdings fell 2.98 percent to close at 594.00 rupees a share and Dhammika Perera’s Vallibel One fell 3.77 percent to close at 63.80 rupees a share.

Bucking the trend, market heavyweight Expolanka Holdings, which has a significant export component in its business, gained 0.69 percent to close at 182.25 rupees.

The bourse saw 38 stocks gaining against 150 falling on Tuesday. (Colombo/September 07/2021)

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