Sri Lankan stocks down, Janashakthi, Orient Finance up on speculation

ECONOMYNEXT – Sri Lankan stocks closed lower with prices of some financial sector firms driven up sharply on speculative buying by retail traders, brokers said.

The All Share Price Index closed at 5,997.23, down 14.45 points (0.24 percent) while the more liquid S&P SL20 index ended at 3,176.65, down 2.46 points (0.08% percent). Turnover was 616 million rupees.

Janashakthi Insurance Company, Orient Finance and Softlogic Life Insurance were the most actively traded shares and among the highest gainers too, the first two on takeover speculation, brokers said.

Janashakthi Insurance Company closed at 28.80 rupees, up 2.20 rupees or 8.27 percent, Orient Finance ended at 16.40 rupees, up 1.10 rupees or 7.19 percent and Softlogic Life Insurance closed at 39.30 rupees, up 2.70 rupees or 7.38 percent.

Asia Securities said there were no crossings for the day.

Foreign investors were net sellers of 241.8 million rupees worth of shares. Estimated net foreign buying was mainly in National Development Bank.

Estimated net foreign selling was mainly in John Keells Holdings.
(COLOMBO, December 5, 2018)

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