Sri Lankan stocks sink to three-week low

EconomyNext – Sri Lankan stock prices sank again Wednesday dragged down to a three-week low by losses in index heavyweights, brokers said.

The All Share Price Index shed 44.10 points (0.6 percent) to close at 7,324.40 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, lost 30.40 points (0.7 percent) to end at 4,103.12.

Turnover was 796 million rupees supported by a few crossings or negotiated off-market deals the biggest of which was 1.7 million shares of Nations Trust Bank at 110.00 rupees per share.

The NTB deal, which topped the turnover list, generated 200 million rupees and contributed 24 percent of the day’s turnover.

Asia Securities said total crossings accounted for 42 percent of the market turnover.

Other deals were three million shares of Access Engineering at 27.00 rupees per share, 100,000 National Development Bank at 240.00 rupees per share and 2.7 million shares of Anilana Hotels & Properties at 7.50 per share.

Asia Securities said Vallibel Finance closed at a 52-week high of 47.80 rupees,  up 2.8 percent, after the release of December quarter earnings which were up 55 percent from a year ago to 106 million rupees.

Lanka Securities said the benchmark index was dragged down mainly by losses in high cap shares like John Keells Holdings, Chevron Lubricants, Dialog Axiata and Cargills Ceylon.

They said foreign investors were net buyers with a net inflow of 69 million rupees mostly in banking sector stocks like National Development Bank, Sampath Bank, and Hatton National Bank while the net foreign outflow was mainly seen in Seylan Bank.






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