Sri Lanka stocks gain 0.12-pct, rupee stronger

ECONOMYNEXT – Sri Lanka stocks gained 0.12 percent on Friday on thin volumes and low foreign participation, while the rupee gained marginally against the US dollar, brokers and dealers said.

The US dollar closed at 153.65/75 rupees in the spot market, compared to the previous day’s close of 153.70/78 rupees. The rupee appreciated marginally against the greenback on thin trading volumes, dealers said.

The Colombo All Share index closed 7.83 points higher at 6,456.04. The S&P SL20 index of more liquid stocks closed flat, up 1.99 points to 3,749.89.

"Low investor activity weighed down market turnover," Asia Securities said.

"Foreign participation in terms of revenue declined to 6.8 percent, compared to 53 percent the previous day," it said.

Market turnover was 264 million rupees, down 80 percent from the previous close.

Dialog (closing 20 cents higher at 13.60 rupees) and Sri Lanka Telecom (up 70 cents to 28.30) were the biggest contributors to the benchmark index gain.

Net foreign buying was 21 million rupees, down sharply from 877 million rupees the previous day.
Foreign buying in JKH (down 20 cents to 165.70 rupees) was 18.4 million rupees, Asia Securities said.

Off-market trades or crossings totalled 114.8 million rupees, amounting to 44 percent of market turnover.

Renuka Holdings (down 10 cents closing at 21.70 rupees) saw one crossing worth 92 million rupees and one crossing in Softlogic Holdings (up 50 cents to 13.50 rupees) at 23 million rupees. (COLOMBO, January 26, 2018)

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