Sri Lankan stocks close down 0.3-pct, rupee weakens against dollar

ECONOMYNEXT – Sri Lankan stocks closed lower Tuesday with continued foreign selling while the rupee ended weaker against the US dollar amid continuing political uncertainty, brokers and dealers said.

The All Share Price Index closed at 6,026.26, down 17.23 points or 0.3 percent while the more liquid SP SL20 index fell 23.90 points or 0.8 percent to end at 3,148.48.

First Capital Holdings said the indices were dragged lower mainly by falls in Dialog Axiata and Commercial Bank.

Crossings or negotiated block deals (see correction below) accounted for 29 percent of the day’s total turnover of 689 million rupees.
There were two crossings in Hatton National Bank, and one each in Lion Brewery and Commercial Bank, Asia Securities said.

Foreign investors were net sellers of 165.7 million worth of shares, while their participation in terms of turnover increased to 50 percent from the previous day’s 46.1 percent.

Estimated net foreign buying was mainly in HNB while estimated net foreign selling was mainly in JKH.
In the foreign exchange market, the rupee weakened to 179.20/40 to the US dollar from 179.00/20 rupees the day before, dealers said.

 (Correction – crossings are done on the crossing board of the stock exchange and are not off-the floor deals)
(COLOMBO, 11 December 2018)

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