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Sri Lankan stocks down 0.6-pct, foreign selling continues in JKH

Economy Next – 04.07.2018

By First Capital Research

ECONOMYNEXT – Sri Lankan stocks ended weaker Wednesday for the third straight session, in thin trade, with continued foreign selling in conglomerate John Keells Holdings, brokers said.

The All Share Price Index fell 37.05 points or 0.6% to close at 6,044.03 while the more liquid SP SL20 index ended at 3,280.80, down 22.31 points or 0.68%. Turnover was a low Rs262 million.

First Capital Equities said the main index was dragged down by losses in JKH, for the second straight day, and in Sri Lanka Telecom, both with a heavy weighting on the index.

A net foreign outflow was witnessed for the 10th consecutive day with moderate foreign participation, they said.

Asia Securities said foreign investors were net sellers of Rs 82.0 million worth of shares.

Estimated net foreign selling was mainly in JKH, which fell 1.3% to close at Rs138, down 7.1% this year.