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Sri Lanka’s stocks up, foreigners buy JKH

ECONOMYNEXT – Sri Lanka’s main stock index ended firmer Tuesday with turnover pushed up by Dialog’s Axiata’s acquisition of Cargills group finance firm and foreigners continuing to buy into John Keells Holdings.

The All Share Price Index closed at 6,377.38, up 5.14 points (+0.08%) while the more liquid SP SL20 index closed at 3,660.15, down 12.35 points (-0.34%). Turnover was Rs2,034 million.

Asia Securities said crossings or off-the floor negotiated deals accounted for 70.0% of turnover.

The main crossings were in JKH, Melstacorp and Colombo Trust Finance, a finance company owned by the Cargills group.

Mobile firm Dialog Axiata said it bought a controlling 80% stake of 37.5 million shares in Colombo Trust Finance, formerly Capital Alliance Finance, at Rs28.7 per share from Cargills Bank Limited.

The acquisition was at a 74% premium to its previously traded price. Colombo Trust Finance PLC closed at Rs18.70, up Rs2.20 or 13.33%.

Asia Securities said foreign investors were net sellers of Rs155.6 million worth of shares, with estimated net foreign buying topping in JKH, which closed at Rs160.60.

Estimated net foreign selling topped in Commercial Bank.
(COLOMBO, September 12, 2017)

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