Sri Lanka stocks fall for third straight day

ECONOMYNEXT – Sri Lankan shares fell for the third straight day in thin trade with investors waiting for policy directions from the new government amid concerns over currency depreciation and the balance of payments, brokers said.

The All Share Price Index lost 25.24 points or 0.35 percent to close at 7,124.46 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell 16.86 points (0.43 percent) to close at 3,914.14.

Turnover fell to a low 431 million rupees with one crossing or off-the-floor negotiated deal of 2.2 million shares of Dialog Axiata at 11.40 rupees.

“Investors are awaiting new policy initiatives which are needed to drive the economy forward,” Sampath Securities said in a report.

Lanka Securities said investors were concerned over the balance of payments and the sharp depreciation of the rupee.

Foreigners were net sellers with a net outflow of 34 million rupees with selling mainly in John Keells Holdings, Seylan Bank and ACL Cables while net foreign inflow was mainly seen in Ceylon Tobacco.

The benchmark index was dragged down by falls in John Keells Holdings whose voting share dipped to 174.60, down 1.5 percent, Commercial Bank which fell 1.2 percent to 166.00, Trans Asia Hotels which closed at 85.00, down 8.6 percent and Ceylon Tobacco, which ended at 970.00, down 0.5 percent. (Colombo/September 8 2015)
 

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