Sri Lankan shares slump, tile firms hit yearly highs
COLOMBO (EconomyNext) – Sri Lankan shares, hovering near a 12-week high, ended weaker Thursday after two days of gains ahead of the central bank’s monetary policy announcement which is expected to keep policy rates at record lows, brokers said.
The All Share Price Index slipped 16.08 points (0.22%) to end at 7,273.69 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell by 4.89 points (0.12%) to end at 4,068.63.
Turnover was 1.7 billion rupees, supported by several crossings or off-the floor negotiated deals in Sampath Bank, Commercial Bank, John Keells Holdings, Lanka Walltiles, National Development Bank, Seylan Bank and DFCC Bank.
Lanka Securities said the benchmark index was dragged down mainly by losses in Carson Cumberbatch, Nestle Lanka and Good Hope amid profit taking and political uncertainties.
“Both indices witnessed declines ahead of the monetary policy review,” it said.
Royal Ceramics and its subsidiaries Lanka Walltiles and Lanka Tiles rose to 52-week high prices.
Royal Ceramics advanced to 127.40, up 3.4%, but closed at 124.20, up 0.8%, whilst Lanka Walltiles closed at 116.80, up 3.4%, after hitting 117 rupees and Lanka Tiles reached 120 rupees but closed at 119.00, up 0.9%.
Lanka Securities said foreign investors were net sellers with a net foreign outflow of 64 million rupees seen in DFCC Bank, National Development Bank and Lanka Century Investments.
Net foreign inflow was mainly seen in John Keells Holdings.