Sri Lankan stocks becalmed, off-market deals dominate
(EconomyNext) – Sri Lankan shares were barely changed Monday with the indices closing mixed in trading dominated by crossings or off-market negotiated deals with the focus mainly on large-cap stocks.
The All Share Price Index closed down just one point at 7,251.57 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, went up 1.78 points to end at 4,064.57.
Turnover was a low 868 million rupees of which 253 million rupees came from trades in Commercial Bank, with the lack of interest attributed to the coming Christmas break and a looming presidential poll on January 8, 2015.
Foreign investors comntinud selling from last week with net foreign outflow of 180 million rupees.
"The entire market was dominated by crossings," said Amali Perera, Assistant Manager Research of Asia Wealth Management Company.
The biggest was a deal in Commercial Bank of 1.5 million shares at 165 rupees a share, the price at which the stock closed.
There was another deal in Panasian Power of 10 million shares at three rupees a share. The stock topped the most active trades and volumes lists with 16.9 million shares done and closed up 10 cents at 3.10 rupees
Chevron Lubricants Lanka closed up 30 cents at 339 rupees the price at which a crossing of 117,135 shares took place and near its all-time high of 400 rupees.
There was a deal in Cargills of 169,000 shares at 155 rupees. It closed at 155 rupees, up three rupees or almost two percent.