Sri Lankan stocks retreat, foreign buying in JHK, Com Bank

COLOMBO (EconomyNext) – Sri Lankan stocks retreated for the second straight day Thursday in thin but volatile trading with foreign buying seen in John Keells Holdings and Commercial Bank, brokers said.

The All Share Price Index fell 14.44 points (0.21%) to close at 6,899.89 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, 9.83 points (0.25%) to close at 3,894.49.

Turnover was 658 million rupees with crossings or off-the-floor negotiated deals in John Keells Holdings, Commercial Bank and Dialog Axiata.

There was a single crossing of 250,000 JKH at 204.50 rupees each, deals of 317,000 shares of Commercial Bank at 164.00 a share and three million Dialog Axiata at 11.00 per share.

Trading has been subdued in recent days ahead of the traditional new year next week and political uncertainty.

Lanka Securities said the benchmark index was dragged down mainly by losses in Ceylon Tobacco, Commercial Leasing & Finance and Asian Hotels & Properties.

"Foreign investors were net buyers for the sixth consecutive day with a net inflow of 150 million rupees," they said.

Net foreign inflows were seen in JHK, Dialog Axiata and Commercial Bank while net foreign outflow was mainly seen in Laugfs Gas.

Gestetner of Ceylon rights witnessed heavy investor activity with the stock falling to 15.50 rupees during the day but closing higher at 17.90, down 37%.

 

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