Sri Lankan shares resume rally amid foreign buying

ECONOMYNEXT – Sri Lankan stocks resumed their upward momentum on Tuesday amid increased foreign activity after a bout of profit taking on Monday interrupted an 11-day rally that had taken prices to a five-month high, brokers said.

The benchmark All Share Price Index closed at 6,382.37, up 31.11 points or 0.49 percent, while the more liquid SP SL20 index closed at 3,622.78, up 9.82 points or 0.27 percent.

Turnover was 836 million rupees, of which almost half came from crossings or off-the-floor negotiated deals dominated by the diversified sector, followed by banks and manufacturing.

Brokers Asia Securities said foreign investors were net buyers of 172.8 million rupees worth of shares and accounted for 63 percent of revenue.

Most of the estimated net foreign buying was in DFCC Bank and net foreign selling in John Keells Holdings.

“After witnessing profit taking in the previous session, JKH gained 1.60 rupees on the back of local interest and closed the day at 151.70 rupees,” Bartleet Religare Securities said.

There was foreign selling in JKH and Aitken Spence.
(COLOMBO, April 18, 2017)

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