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Sri Lanka stocks fall, poultry firms in demand

ECONOMYNEXT – Sri Lankan stocks closed weaker in thin and volatile trade with strong demand seen for poultry sector shares and foreign participation rising but on the selling side, brokers said.

The All Share Price Index lost 3.50 points or 0.05 percent to close at 7,104.37 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, lost 4.67 points (0.12 percent) to close at 3,881.04.

Turnover was a low 667 million rupees compared with the 12-months average daily turnover of 1.4 billion rupees although crossings or off-the-floor negotiated deals accounted for 40 percent of turnover.

Foreign participation was 50 percent, the highest since 17th July, brokers Lanka Securities said.

Foreign investors were net sellers with a net foreign outflow of five million rupees, mainly in Sampath Bank, Chevron Lubricants and Hatton National Bank non-voting while net foreign inflow was mainly seen in John Keells Holdings.

There were crossings of 600,000 shares of John Keells Holdings at 173.00 per share, 300,000 Hatton National Bank at a price range of 216.50-217.00, 1.9 million shares of People’s Leasing at 22.80 per share and 100,000 Chevron Lubricants at 380.00 per share.

Brokers Lanka Securities said price declines in Hemas Holdings, Distilleries and Commercial Bank dragged the benchmark index down.

“Ceylon Grain Elevators continued to be the most favored counter for the session recording a fresh 52-week high price of 92.60, up 5.1 percent,” they said.

Three Acre Farms and Bairaha Farms were among the heavily traded stocks.  (Colombo/September 21 2015)





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