Sri Lanka stocks close higher 0.06-pct

Aug 03, 2015 (LBO) – Sri Lanka’s stocks closed higher 0.06 percent on Monday, with index heavy stocks making gains on expectations of strong corporate earnings and political stability after the upcoming parliamentary polls, brokers said.

The Colombo benchmark All Share Price Index closed 4.54 points higher at 7,336.59 up 0.06 percent.

The S&P SL20 closed 19.28 points lower at 4,088.69 down 0.47 percent.

Turnover was 983.64 million rupees, down from at 1.78 billion rupees Thursday with 81 stocks closing positive against 73 negative.

The main index showed gains in Ceylon Tobacco closing at 976.70 rupees, up 25.90 rupees and Ceylon Cold Stores closed at 424.00 rupees, up 18.70 rupees.

Hemas Holding closed at 92.00 rupees, up 2.10 rupees.

“Foreign investors were net sellers with a net outflow of 97 million rupees,” Lanka Securities said.

“Foreign participation was relatively high at 21 percent,”

“Net foreign outflows were mainly seen in counters such as Commercial Bank 72 million rupees, Lanka Century Investments 53 million rupees and Laugfs Gas –voting 22 million rupees while top net inflow was in Laugfs Gas – nonvoting 44 million rupees.”

In banking stocks, Commercial Bank closed flat at 171.00 rupees with the only off floor trade negotiated in the session where 400,000 shares changed hands at 170.00 rupees.

“The crossing accounted for mere 8 percent of the turnover.”

DFCC closed at 198.10 rupees, up 0.90 rupees.

Dialog Axiata closed at 10.90 rupees, down 0.10 rupees.

John Keells Holdings closed at 194.30 rupees, down 2.70 rupees. The stock closed 1.5 percent lower subsequent to the mere 2 percent profit growth posted in June quarter.