Sri Lankan stocks sink, Access, People’s Leasing lure foreign buyers

EconomyNext – Sri Lankan stocks sank for the second straight day Tuesday, dragged lower by losses in index heavyweights, with foreigners buying Access Engineering and People’s Leasing Company.

The benchmark All Share Price Index lost 15.02 points (0.21 percent) to end at 7,311.29 while S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, lost 15.94 points (0.39 percent) to end at 4,111.55.

Turnover was 1.25 billion rupees propped up by several crossings or off-the-floor negotiated deals in People’s Leasing and Finance (PLC), Ceylon Guardian Investment and Hatton National Bank, brokers said.

Lanka Securities said foreign investors were net buyers for the second consecutive day with a net inflow of 434 million rupees of which 366 million went into People’s Leasing.

Foreigners also bought Access Engineering, a construction firm which announced branching off into East Africa, and Lanka Milk Foods.

Bartleet Religare Equities said PLC secured the top slot in both the turnover and volume lists with the stock gaining 0.40 to close at 25.50 rupees.