Banks drag Sri Lanka stocks, retreat continues for fourth day

ECONOMYNEXT– Sri Lanka stocks closed 0.35 percent lower on Wednesday, dragged down by Commercial Bank, LOLC Holdings and John Keells Holdings, provisional data showed.

The All Share Price Index (ASPI) fell for the fourth consecutive day, closing 20.62 points down at 5,878.44. The ASPI fell throughout the day, reaching a low of 5,878.02 in the afternoon before recovering marginally.

The S&P SL20 Index of more liquid stock closed 0.61 percent or 17.02 points down at 2,784.83.

The market turnover was 597.66 million rupees with 44 stocks gaining and 89 falling.

Commercial Bank stock closed 3.10 rupees or 3.37 percent down at 89.90 rupees a share contributing most to the ASPI’s fall.

LOLC Holdings closed 2.00 rupees or 1.37 percent lower at 144.10 rupees a share.

John Keells Holdings stocks fell 70 cents or 0.44 percent to close at 156.90 rupees a share also contributing to the ASPI’s decline.

The food beverage and tobacco industry index, which was the most active, fell 0.28 percent.

The banking index, also highly active for the day, closed 0.92 percent lower.

A 62 million rupee crossing (negotiated trade) was witnessed in telco Dialog Axiata Plc with 5 million shares changing hands at 12.40 rupees each. The Dialog share closed at 12.50 rupees, up 20 cents from a day earlier.

Another crossing worth 43.7 million rupees was seen on Central Finance with 418,428 shares changing hands at 105 rupees a share and the stock closed flat at 105 rupees a share. (Colombo/Feb12/2020)