Sri Lankan stocks down, foreign selling in JKH

ECONOMYNEXT – Sri Lanka’s stock market closed lower Thursday with foreign selling in John Keells Holdings (JKH) boosting turnover, while bond yields fell, brokers and dealers said.

The All Share Price Index ended at 6,016.36, down 34.59 points or 0.6 percent) while the more liquid S&P SL20 index closed at 3,120.49, down 8.18 points (0.3 percent).

Turnover was almost 3.3 billion rupees and was dominated by crossings or negotiated block deals, Asia Securities said.

Crossings accounted for 87 percent of turnover with twelve crossings in JKH, amounting to 2.3 billion rupees, three crossings in National Development Bank, and two each in Sampath Bank and Ceylon Tobacco Company.

Bartleet Religare Securities said foreigners continued to exit Sri Lanka’s equities with a net foreign outflow of 1.8 billion rupees.

The highest foreign outflow was in JKH while the highest inflow was in Sampath Bank.

In the bond market, yields fell with the political instability easing, First Capital Holdings said.

A new Cabinet of ministers was sworn in and approved an interim budget for the next four months.

“The secondary market yield curve was seen slightly shifting downwards while overall market witnessed moderate volumes,” it said in a report.
Buying interest was seen on the short end of the curve with 01.08.21 and 15.12.21 bonds trading at 11.55%-11.65% levels, while mid-tenure maturities of 15.05.23 traded at 11.75%.

At  the long end of the curve 01.08.26 and 15.06.27 bonds were trading at 11.85%-11.90% levels.





(Colombo/December 20/2018)

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