Sri Lankan stocks turn bearish again

COLOMBO (EconomyNext) – Sri Lankan stocks were dragged down by losses in index heavyweights to close weaker Wednesday following the previous day’s slight upturn that ended an 11-day losing streak, brokers said.

The All Share Price Index closed at 7,043.90, down 13.10 points (0.19 percent) while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, ended at 4,028.67, down 0.63 (0.02 percent).

Total turnover went down to 700 million rupees. 

Non-voting shares of Seylan Bank, in which a big chunk of voting shares was bought by National Development Bank (NDB) Tuesday, was the most actively traded stock.

NDB said in a stock exchange filing it bought 8.45 percent (14.87 million shares) of Seylan Bank, raising its stake in Seylan to 9.53 percent.
A stock exchange filing said D A de S Wickramanayake, a Director of Bogawantalawa Tea Estates raised his stake to 11.3 percent after buying almost 2.5 million shares on March 16 at 12.20 – 14 rupees and another 850,242 shares on March 17 at 12.90 – 14 rupees a share.


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