Sri Lanka stocks fall 0.30-pct, rupee weakens

ECONOMYNET – Sri Lanka stocks closed 0.30 percent lower Tuesday on selling in banking stocks, JKH and Hemas Holdings, while the rupee weakened against the US dollar.

The rupee closed at 155.05/10 rupees against the US dollar, weakening from 154.95/155.05 rupees the previous day on importer demand, dealers said.

The Colombo All Share index closed 19.35 points lower at 6,533.46. The S&P SL20 index of more liquid stocks closed 11.15 points lower, down 0.30 percent to 3,710.82.

Market turnover was 436.8 million rupees, down 66.3 percent from the previous close.

“Selling in banking stocks, like Commercial Bank and Sampath Bank, JKH and Hemas Holdings weighed down the index,” said Sumith Perera, Head of Portfolio at Ceylon Guardian.

JKH closed 1.20 rupees lower at 162.80 and Commercial Bank closed 50 cents lower at 137.50.

Sampath Bank was down 50 cents to 329.50 and Hemas Holdings was down 1 rupee to 124.

Softlogic Holdings gained 70 cents to close 25.90 with foreign buying amounting to 5 million rupees.

Net foreign buying was 27.9 million rupees, down 39.2 percent from Monday.

“We’re not sure how foreign investors will react to the state of emergency,” Perera said.

Net foreign buying was 18.8 million rupees in Commercial Bank and 12 million rupees in JKH, according to Asia Securities.

One off-market negotiated trade, or crossing, of JKH for 81.5 million rupees accounted for 18.7 percent of market turnover.