Sri Lankan stocks slump, foreigners sell

(EconomyNext) – Sri Lankan stocks closed weaker for the fifth consecutive day Wednesday with turnover propped up by deals in Lion Brewery where foreign investors sold out, turning net sellers in the market after four days of inflows.

The All Share Price Index closed at 7,199.73, down 23.83 index points (0.33 percent) while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, fell 17.85 points (0.44 percent) to end at 4,049.61.

Turnover went back up to 1.3 billion rupees.

Lion Brewery topped the turnover accounting for 44 percent of it with 588 million rupees generated by several crossings or off-market negotiated deals of almost a million shares at 605 rupees.

John Keells Holdings and Dialog Axiata were the next best contributors to the turnover with 185 million rupees and 98 million rupees, Lanka Securities stockbrokers said.

"Foreign investors were net sellers with a net outflow of 267 million rupees, snapping four consecutive days of net inflows," they said.

Foreign participation was 57 percent with net outflows seen in Lion Brewery (139 million rupees), Asian Alliance (six million rupees) and Access Engineering (five million rupees).

Net foreign inflow was mainly seen in Dialog Axiata (91 million rupees).

Lanka Securities said that after the listing of right issue shares of Renuka Holdings both voting and non-voting stock fell sharply in the morning session, but rebounded and closed higher.

Voting share was the most traded stock for the day and closed at 29 rupees (down three percent) while the non-share touched a 52-week low of 20 rupees but closed higher at 21.50, down 1.4 percent.





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