Sri Lankan stocks extend gains, foreigners turn sellers
COLOMBO (EconomyNext) – Sri Lankan stocks rallied again Thursday with the benchmark index vaulting over the 7,000 mark after three weeks and foreign investors selling off following eight consecutive days of net inflows, brokers said.
Stocks had risen sharply Wednesday after the central bank cut policy interest rates.
The All Share Price Index gained 96.24 points (1.38%) to end at 7,077.27 Thursday while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, went up 50.46 points (1.28%) to end at 3,991.10.
Turnover crossed the one billion rupee mark after three weeks to reach 1.2 billion rupees.
Lanka Securities said there were four crossings or off-the-floor negotiated deals in Distilleries with 1.1 million shares changing hands at a price range of 239.00-240.00 rupees.
There were also several crossings in Hatton National Bank (0.2 million shares at 225.00 per share) and John Keells Holdings (0.1 million shares at 209.00 per share).
"Foreign investors turned to be net sellers after eight consecutive sessions of net inflows," Lanka Securities said.
The net foreign outflow was 311 million rupees with foreign participation high at 52 percent.
Net foreign outflows were seen in Distilleries, Hatton National Bank and National Development Bank while net inflow was mainly seen in Laugfs Gas.