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Sri Lankan stocks end weaker, interest in Marriot-run hotel

ECONOMYNEXT – Sri Lankan stocks closed weaker Monday with continuing interest in East West Properties after it announced plans to sell its stake in a beach resort managed by Marriot to Singapore’s hospitality management firm HPL Hotels & Resorts.

The All Share Price Index closed at 6,547.73, down 3.46 points (0.05%) while the more liquid SP SL20 index fell 17.32 points (0.47%) to close at 3,681.25.

Turnover was a low Rs 540 million with crossings or off-the-floor negotiated trades accounting for 14% of it.

Brokers Asia Securities said there was one crossing each in John Keells Holdings and Sampath Bank.

Foreign investors were net sellers of Rs37.8 million worth of shares, with estimated net foreign buying topping in Hemas Holdings while  estimated net foreign selling was mainly in Sampath Bank.

East West Properties closed at Rs23.50, up 10 cents (0.4%) and topped turnover and share trade volumes.

There has been retail interest in the stock after it said it plans to sell its 72% stake in Weligama Hotel Properties Ltd. which owns Marriott Weligama Bay Resort & Spa, in Weligama Bay, a popular tourist resort, to HPL Hotels and Resorts Pte Ltd Singapore.

(COLOMBO, March 12, 2018)

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