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Sri Lanka’s benchmark stock index sinks to 7,000 mark

ECONOMYNEXT – Sri Lankan stocks sank to the psychological 7,000 mark in thin trade with investors staying on side lines ahead of the government budget but foreigners buying, brokers said.

The All Share Price Index lost 28.66 points or 0.41 percent to close at 7,000.41 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell 8.76 points (0.23 percent) to close at 3,786.74.

Daily market turnover sank to 391 million rupees with no crossings or off-the-floor negotiated deals.

The benchmark index was dragged lower by price dips in stocks like Asian Hotels & Properties, Cargills (Ceylon), Dialog Axiata, Hatton National Bank and Chevron Lubricants Lanka, Asia Securities said.

Foreign investors were net buyers with a net foreign inflow of 15 million rupees.

Foreign buying was seen in John Keells Holdings), ACL Cables and Hayleys and net foreign outflow was mainly seen in Distilleries, brokers Lanka Securities said.

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