Sri Lanka stocks end down 0.5-pct
Jan 16, 2015 16:02 PM GMT+0530 | 0 Comment(s)
(EconomyNext) - Sri Lankan shares closed weaker for the third day running Friday in choppy trade with the new government getting down to business and talking of changing some of the previous regime's investment projects, brokers said.
The All Share Price Index fell 0.5 percent (35.99 points) to 7,513.86 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, was down 0.4 percent (17.65 points) to end at 4,248.03.
Turnover was 997 million rupees.
The benchmark ASPI was dragged down mainly by losses in Ceylon Tobacco Company, DFCC Bank, Lanka Indian Oil Corp., Aitken Spence and John Keells Holdings (JKH).
Access Engineering Ltd., one of the most actively traded shares, closed unchanged at 30 rupees.
The share price of the firm had gained much of last year owing to the island's construction boom but investors are concerned it might not win as many deals under the new government which won power in last week's presidential poll.
JHK ended at 240.60 rupees, down 1.20 (0.5 percent), with doubts emerging about its planned casino project after the new Investment Promotions Minister Kabir Hashim said the government will not allow investments which are against the island's cultural and religious values.
Hashim, who assumed duties Friday, replied "Yes" when asked if that included casino projects.
He was referring to casino projects proposed by Australia's James Packer and Sri Lanka's Vallibel and JKH business groups.