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Selling in banks drive Sri Lanka stocks retreat for fifth day

ECONOMYNEXT– Sri Lanka’s stocks retreated for the fifth day, closing 0.35 percent lower on banks, provisional data showed.

The All Share Price Index (ASPI) closed 21.14 points down at 5,857.30.

The ASPI rose to a daily high of 5,884.75 in the morning and fell to a low of 5,852.48 in mid-afternoon, before posting a recovery.

The S&P SL20 Index of more liquid stock closed 0.31 percent or 8.74 points down at 2,776.09.

The market turnover was 262.88 million rupees with 49 stocks gaining and 98 falling.

Foreign investors were moderately active, with net outflows of 73.07 million rupees

Commercial Bank stock closed 1.70 rupees or 1.91 percent down at 87.20 rupees a share contributing most to the ASPI’s fall.

Dialog Axiata closed 20 cents or 1.60 percent lower at 12.30 rupees a share.

Property Development closed 21.80 rupees down at 130.10 rupees a share and Hatton National Bank closed 3 rupees down at 157 rupees a share, also contributing to the ASPI’s decline.

The banks index, which was the most active, fell 0.63 percent.

The capital goods index, also highly active for the day, closed 0.62 percent lower.

Meanwhile, Sri Lanka telecom stocks closed 30 cents or 2.69 percent higher at 30.50 rupees a share and LOLC stocks closed 3.00 rupees or 2.08 percent higher at 147.10 rupees a share, feathering the ASPI’s fall. (Colombo/Feb 13/2020)

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