Sri Lankan shares close flat, foreign inflows top Rs1.0bn

Oct 17, 2009 (LBO) – Sri Lankan share closed down Friday as the market was taking a slow technical correction, while net foreign inflows had topped one billion rupees, brokers said. The All Share Price Index closed down 0.10 percent (3.22 points) to end at 3,131.91, while the Milanka Index of more liquid stocks gained 0.26 percent (9.08 points) to close at 3,546.93, according to provisional stock exchange data.

Turnover was 836.7 million rupees.

“The market is taking a slow correction despite high turnover levels and net foreign inflows. This is a good sign for the market,” Nirodha Bohingamuwa of Bartleet Mallory Stock Brokers said.

“This week end foreign inflows had reached 1.07 billion rupees, one of the weekly highest in the recent past.”

Diversified JKH closed flat at 153.00 rupees, down 1.00 on 244,600 shares traded, and Distilleries Company of Sri Lanka closed at 107.50 rupees, down 1.25.

Brokers said building and construction sector shares saw active trading. Sierra Cables closed flat at 2.20 rupees with 1.76 million shares traded, and Tokyo Cement non-voting shares closed at 18.00 rupees, up 50 cents with 1.24 million shares changing hands.

Lanka Cement closed at 30.25 rupees, down 25 cents.

“We expect inflows to steadily increase in the coming weeks as foreigners have gained confidence in the market,” Bohingamuwa said.

National Development Bank closed at 201.00 rupees, up 1.00, and Commercial Bank of Ceylon closed at 190.25 rupees, down 1.75.

Sampath Bank closed at 193.00 rupees, down 75 cents, and Seylan Bank closed at 44.75 rupees, down 25 cents.

Dialog Telekom, a unit of Telekom Malaysia closed flat at 7.50 rupees, and fixed line operator Sri Lankan Telecom closed at 46.00 rupees, up 25 cents.