Sri Lankan shares hover at seven-week low

COLOMBO (EconomyNext) – Sri Lankan shares, hovering at a seven-week low, fell for the second straight day Tuesday with political uncertainty ahead of general elections dampening sentiment, brokers said.

The All Share Price Index slipped 11.55 points (0.16%) to end at 7,067.11 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell by 8.48 points or 0.22% to close at 3,915.85.

Turnover fell to a three-month low of 329 million rupees with no crossings or off-the floor negotiated deals, brokers Lanka Securities said.

The benchmark index was dragged down by losses in stocks with high market capitalization like Ceylon Tobacco Company, down 2.6 percent to 925.00, Nestle Lanka, down 2.3 percent to 2,150.00 and Ceylinco Insurance which closed at 1,520.00, down 5.0 percent.

Ceylon Tobacco Company hit a 52-week low of 924.00 while John Keells Holdings rose 0.6 percent to 191.10 rupees after seeing continuous losses during the month, Lanka Securities said.

Foreign investors were net sellers with a net outflow of seven million rupees, mainly in Lanka IOC, MTD Walkers and Sierra Cables while foreign inflow was mainly seen in Lanka Hospitals.

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