Diversified holdings snap Sri Lanka stocks from two-day fall

ECONOMYNEXT- Sri Lanka’s stocks closed 0.09 percent stronger on Tuesday, snapping back a two-day fall supported by diversified holdings, provisional data showed.

The All Share Price Index (ASPI) closed 5.33 points up at 6,062.33 amid volatile trading, closing near the daily-high after reaching a low of 6,051.77 in mid-afternoon.

The more liquid S&P SL20 Index closed 0.45 percent or 13.23 points up at 2,949.40.

Market turnover was 240.2 million rupees, while 50 stocks gained and 65 fell.

There was some foreign investor activity, with net sales of 36 million rupees.

Diversified holding firms contributed most to the ASPI gain, with Carson Cumberbatch closing 7.80 rupees up at 189.80 rupees a share and Melstacorp closing 1.20 rupees up at 42.40 rupees a share.

Retail investors were active on construction stocks Tokyo Cement (non voting) and Access Engineering, amid the industry receiving tax cuts and other benefits from the incumbent government.

Construction sector stocks closed 1.6 percent higher. (Colombo/Dec17/2019)

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