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Sri Lanka stocks fall with selling in JKH

ECONOMYNEXT – Sri Lanka stocks closed 0.04 percent lower on Friday, pushed down by index-heavy John Keells Holdings (JKH) brokers said.

 
Colombo’s All Share Price index (ASPI) closed 2.56 points lower at 5,894.70. 
 
The ASPI had fallen to an intra-day low of 5,815.50 in the morning session amid selling in banking stock, before recovering towards the latter part of the day, pushed up by stocks of the diversified financials group LOLC.
 
The S&P SL20 index of more liquid stocks closed 0.72 percent or 21.22 points down at 2,906.68. 
 
The market turnover was 900 million rupees with 60 stocks gaining and 90 stocks declining.
 
There was foreign selling, with net outflows of 112.54 million rupees, centering on Aitken Spence, Commercial Bank and Chevron Lubricants.
 
A third of the turnover was in JKH stock, in which there were three negotiated trades (crossings) totaling 127 million rupees. Net foreign purchases in JKH totalled 31.2 million rupees.
 
Hayleys Fabric was the retail investor favourite for the third day after its quarterly financials were released on July 30. The firm’s profits for the June quarter had grown over ten-fold.
 
JKH, the largest listed conglomerate closed 3 rupees down at 147 rupees a share, contributing most to the ASPI fall.
 
JKH subsidiary Ceylon Cold Stores’ share closed 24.80 rupees down at 755 rupees a share while Distilleries Company of Sri Lanka closed 50 cents down at 16.50 rupees a share, also pushing the index down.
 
(COLOMBO, 02 Aug, 2019)

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