Sri Lankan stocks rise despite foreign selling
(EconomyNext) – Sri Lankan stocks rebounded Thursday after four sessions of losses with foreign investors net sellers for the second day running, brokers said.
The All Share Price Index closed up 30.79 points (0.4 percent) at 7,230.52 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, rose 19.48 points (0.5 percent) to end at 4,069.09.
Turnover was 1.4 billion rupees with Pan Asia Bank topping the turnover list with 642 million rupees, said Oshan Dharmaratne, investment analyst at Lanka Securities.
Trading in Pan Asia Bank accounted for 47 percent of total turnover supported by one crossing or off-market negotiated deal at 22.9 rupees a share.
There was a net foreign outflow of 75 million rupees mainly in Sampath Bank, John Keells Holdings and Lion Brewery.
Total crossings represented 58 percent of total turnover, Dharmaratne said.
There were deals in HNB at 197 rupees a share, Commercial Bank at 169.5 rupees, Sampath Bank at 234 rupees a share and People’s Leasing and Finance at 24 rupees.