Sri Lankan stocks edge down, Marawila Resorts falls after Rights

EconomyNext – Sri Lanka’s benchmark stock index sank again for the third straight day Wednesday, dragged lower by falling ‘large cap’, illiquid shares amid rising yields on government Treasury Bills, brokers said.

The benchmark All Share Price Index fell 6.68 points (0.09 percent) to end at 7,304.61 while S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, edged up 7.67 points (0.19 percent) to end at 4,119.22.

Turnover was 987 million rupees with only a few crossings or off-the-floor negotiated deals.
 
There were deals of 397,000 shares of John Keells Holdings PLC at 207.00 along with 85,000 Distilleries Company at 240.00.

"Marawila Resorts witnessed heavy selling pressure following the announcement of a Rights issue," Lanka Securities said in a report. "It fell to a 52-week low of 4.20 rupees but closed higher at 4.30, down 24.6 percent."

The ASPI was dragged lower by the illiquid Ceylon Tea Services which fell nine percent to 700.00, Lanka IOC, down four percent to 47.00 and John Keells Holdings which closed at 206.00, down 0.5 percent.

Ceylon Beverage Holdings reached a 52-week high price of 900.00, up 8.4 percent.
 
Foreign investors were net buyers for the third consecutive day with a net inflow of 209 million rupees, Lanka Securities said.

Net foreign inflows were seen in John Keells Holdings, Sampath Bank and Distilleries while net foreign outflow was mainly in Sierra Cables.

"Subsequent to the inflows, the year-to-date net foreign inflow passed the two billion-rupees mark today," the brokers said.