Sri Lanka stocks slump after 5-day rally

EconomyNext – Sri Lankan stocks ended a five-day rally Thursday with the benchmark index dragged lower by falls in John Keells Holdings, Ceylon Tobacco Company and Lanka Indian Oil Corporation although foreigners were net buyers, brokers said.

The benchmark All Share Price Index lost 28.02 points (0.38 percent) to close at 7,331.39 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, closed marginally down at 4,115.77.

Turnover was just over a billion rupees, supported by several crossings or off-market negotiated deals dominated by high value shares led by Chevron Lubricants Lanka, Bartleet Religare Securities said.

"Market sentiments were volatile amid the expectation of an increase in interest rates and mixed signals on corporate earnings," Lanka Securities said in a report.

Swisstek and Vallibel Power attracted heavy investor interest, both reaching 52-week high price of 45.60 and 9.10 rupees, before closing at 45.50 and 8.90 rupees.

There were other deals in Distilleries Company, JKH and LIOC while interest in the banking sector was on Sampath Bank.

There was a net foreign inflow of 28 million rupees with foreigners buying mainly Sampath, JKH Access Engineering, LIOC and Dialog Axiata.

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