Sri Lanka stocks close down 0.5-pct: Banking and Telco losses

Nov 16, 2015 (LBO) – Sri Lankan stocks closed down at 0.51 percent on Monday with 18 week low as investors kept on the sidelines mainly on budget concerns and banking and telco stocks making losses, brokers said.

The Colombo benchmark All Share Price Index closed lower 35.83 points at 6,965.98 lower 0.51 percent. S&P SL20 closed 27.74 points lower at 3,759.71 down 0.73 percent.

“All share index closed the session on 18 week low,” Lanka Securities said.

Turnover was 677 million rupees, down from 779 million rupees on Friday with 51 stocks closing positive against 99 negative.

“Losses were seen in the banking and telecommunication stocks following negative earnings reports in the September quarter ,”

“The November budget was also a concern for investors as they kept to the sidelines awaiting some policy direction.”

The main index showed losses in Bukit Darah closing at 526.90 rupees, down 33.20 rupees.

Telco’s Dialog Axiata closed at 11.00 rupees, 0.10 rupees with over 15 million shares traded and Sri Lanka Telecom closed at 48.00 rupees, down 1.40 rupees.

Commercial Bank closed at 151.20 rupees, down 1.80 rupees with the stock hitting a 52 week low price of 150.00 rupees and an off the floor trade amounting to 221,000 shares recorded at 145.40 rupees.

DFCC closed at 168.00 rupees, down 2.90 rupees with the stock hitting a 52 week low price of 166.00 rupees.

Active trading was seen at Hayleys with the stock closing at 312.00 rupees, up 0.10 rupees with one off the floor trade of 200,000 shares at 320.00 rupees.

Foreign participants were net buyers with a net foreign inflow of  63 million rupees.