Ceylon Tobacco drags down Sri Lanka stocks

ECONOMYNEXT- Sri Lanka’s stocks closed 0.18 percent lower on Friday, with Ceylon Tobacco Company (CTC) dragging down the market.

The main All Share Price Index (ASPI) closed 11.31 points down at 6,149.57, falling till mid-afternoon.

The more liquid stocks in the S&P SL20 Index closed 0.01 or 0.41 points up at 3,000.43.

Market turnover was 404.34 million rupees with 59 stock prices gaining and 88 falling.

CTC closed 10 rupees down at 1,120 rupees a share, pushing the ASPI down.

Although the government cut taxes last week, a new tax was introduced on cigarettes to make up for the state revenue lost.

The ASPI was also dragged down by finance conglomerate LOLC Holdings which closed 3.70 rupees down at 113.30 rupees a share.

Retail acivity centred on East West Properties. (Colombo/Dec06/2019)