Sri Lankan stocks end down 0.2-pct, Com Bank deal dominates

(EconomyNext) – Sri Lankan stocks closed weaker Tuesday with trading dominated by deals in Commercial Bank following yesterday’s transaction in the same shares, brokers said.

The All Share Price Index closed down 13.52 points (0.19 percent) at 7,238.05 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, ended at 4,062.33, down 1.28 points (0.03).

Turnover rose to 3.38 billion rupees the bulk of which came from a large crossing or off-market negotiated deal in Commercial Bank.

Foreign activity accounted for five percent of turnover and there was a net foreign inflow of 112 million rupees, reversing some of last week’s outflows.

Commercial Bank topped the turnover list supported by two crossings which accounted for 82 percent of total turnover.

Oshan Dharmaratne, investment analyst at Lanka Securities, said a block of 17.6 million shares of Commercial Bank changed hands at 157 rupees a share.

That was the stake held by Distilleries Company and the deal added almost 2.8 billion rupees to the day’s turnover.

There was another Com Bank crossing of 293,000 shares at 165 rupees each. Commercial Bank closed at 169.40, up 4.40 rupees (2.67 percent).

There were other off-market deals in Chevron Lubricants, which hit a 52-week high of 400 rupees but closed at 399, and in John Keells Holdings.

The most active trades were in Access Engineering, People’s Leasing Company, Union Bank and Amana Takaful rights, the last of which started trading Tuesday at 70 cents, hit 1.50 and closed at one rupee.
 

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