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Sri Lankan stocks end up in a week of foreign selling

(EconomyNext) – Sri Lankan stocks closed mixed Friday with the benchmark index up in a week of subdued trading that saw foreign investors on the selling side, brokers said.

The All Share Price Index closed up 22.08 points (0.3 percent) to reach 7,252.60 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, fell 6.30 points (0.6 percent) to end at 4,062.79.

Turnover fell to a low 661 million rupees

"Seasonal blues at the Colombo bourse resulted in subdued activity for most part of the week, albeit picking up in the last two days of trading," Bartleet Religare Stockbrokers (BRS) said in a report.

"Overall interest was evident on low-valued and fundamentally sound stocks in the banking, finance and insurance sector throughout out the week."

Retail investors pursued low-valued shares like People’s Leasing, Pan Asia Bank, ABC, Softlogic Capital and SMB Leasing as well as bigger firms like Hatton National Bank, Sampath Bank and Commercial Bank.

There was a net foreign outflow of 209 million rupees during the week, BRS said.

"Foreigners were largely on the selling side during the week. Foreign volume amounted to nine percent of total share volume for the week."
 

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