Sri Lanka stocks fall to 3-month low

ECONOMYNEXT – Sri Lankan stocks fell to a three-month low Wednesday despite a fall in interest rates with investors concerned about the economy ahead of the government’s budget next month, brokers said.

The All Share Price Index lost 38.13 points or 0.54 percent to close at 7,040.32 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, lost 30.04 points (0.79 percent) to close at 3,781.17.

Daily market turnover was 726 million rupees, with only a single crossing or off-the-floor negotiated deal of 500,000 Commercial Bank shares at 157.50 a share.

“Colombo shares tumbled further on Wednesday despite a decrease in Treasury bill yields for the first time in six weeks,” brokers Lanka Securities said.

Foreign investors turned to be net buyers with a net foreign inflow of 107 million rupees although foreign participation declined notably from 32 percent to 11 percent, they said.

Net foreign inflows were seen in Commercial Bank, Hatton National Bank and Tokyo Cement non-voting while net foreign outflow was mainly seen in National Development Bank.  (Colombo/October 14 2015)

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