Sri Lankan stocks sink towards 6,000-pt level, foreign selling in JKH

ECONOMYNEXT – Sri Lankan stocks closed lower Tuesday, sinking closer to a key psychological index level with foreign selling in conglomerate John Keells Holdings while the rupee firmed slightly against the US dollar, brokers and dealers said.

The All Share Price Index sank 47.26 points or 0.77% to close at 6,081.08, the lowest since April 2017, while the more liquid SP SL20 index ended at 3,303.11, down 45.17 points or 1.34%. Turnover was Rs567 million.

“The market continued with yesterday’s bearish moods and extended losses during today’s trading, dragging down the index closer towards 6,000; a key psychological level,” brokers Bartleet Religare Securities said in a report.

JKH topped the turnover list, contributing about 33%, led by foreign selling, they said.  JKH closed at Rs139.80, down Rs4.90 or 3.39%.

Foreigner investors were net sellers, with a net foreign outflow of Rs183 million, led by selling in JKH.

Brokers Asia Securities said block deals accounted for 14.0% of the turnover with one deal each in Lion Brewery and Cargills (Ceylon).

Estimated net foreign buying was highest in Cargills which closed at  Rs200, up 40 cents or 0.20%.

The spot dollar closed at 158.30/70, slightly firmer than Monday, dealers said.
(COLOMBO, July 03, 2018)

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