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Sri Lanka shares slide 5.4-pct over week, stock values dip below 3 trillion

ECONOMYNEXT – Sri Lanka stocks fell for the fifth straight day ending the week 5.4 percent down amid with the index dragged down 1.1 Friday as investors sold down LOLC Holdings, Browns Investment and Ceylon Tobacco, Colombo Stock Exchange data showed.

Turnover was 1.3 billion rupees with 54 stocks gaining and 118 falling.

The Colombo benchmark All Share Price Index fell 1.10 to close at 6,854.32 falling 5.4 percent over the week.

Stock values fell 175 billion rupees over the week to end below 3.0 trillion rupees at 2,994 billion rupees.

Sri Lanka stocks were driven up amid low interest rates and excess liquidity which made bank deposits un-attractive. Export firms and businesses protected by tarriffs and import controls also reported record profits, boosting sentiment.

On Friday the market reached an intraday high at 6,930.76 during the first hour into trading but continued to fell throughout the day on volatile trading before picking up to close marginally high.

The S&P SL20 index of more liquid stocks fell 0.62 percent or 17.33 points to close at 2,757.45.

LOLC Holdings fell 11.00 rupees to close at 275.75 rupees contributing most to the ASPI fall.

LOLC Finance, closed flat at 5.70 rupees, Browns and Company fell 11.25 rupees to close at 139.25 rupees and Browns Investment closed 30 cents down at 4.60 rupees.

Vallibel One fell 2.00 rupees to close at 44.10 rupees and John Keells Holdings fell 25 cents to close at 147.75 rupees.

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Hayleys Plc closed 70 centsdown at 52.90 rupees with key subsidiaries Dipped Products falling 1.60 rupees to close at 42.30 rupees and Haycarb Plc falling 2.50 rupees to close at 88.10 rupees.

The Kingsbusry fell 10 cents to close at 5.50 rupees and Singer Sri Lanka closed 1.00 rupee down at 16.00 rupees.

Expolanka fell 1.00 rupee to close at 41.70 rupees whileMelstacorp Holdings closed 20 cents up at 43.00 rupees a share.

Commercial Bank of Ceylon closed 70 cents up at 86.50 rupees and Hatton National Bank closed 1.00 rupee up at 127.75 rupees.

DFCC Bank closed 1.90 rupees down at 57.70 rupees, and Nations Trust Bank fell 80 cents to close at 53.10 rupees.

Seylan Bank closed 1.80 rupees down at 49.10 rupees and Pan Asia Banking Corporation closed 10 cents down at 15.00 rupees.

Central Finance Company closed flat at 81.00 rupees whileHousing Development Finance gained20 cents to close at 32.20 rupees.

Ceylon Tobacco Company closed 18.75 rupees downat 975.50 rupees and Ceylon Cold stores closed 8.50 rupees down at 611.50 rupees whilePiramal Glass Ceylon closed 10 cents up at 9.50 rupees.

Royal Ceramic Lanka closed 6.50 rupees down at 229.00 rupees, Lanka tiles gained25 cents to close at 167.00 rupees, Lanka Walltiles closed 4.50 rupees down at 170.00 rupees.

Cargills Ceylon closed 3.50 rupees down at 235.00 rupees, Hemas Holdings closed 2.00 rupees down at 77.90 rupees andCeylon Grain Elevators fell 1.75 rupees to close at 106.25 rupees while Distilleries Company gained 30 cents to close at 19.80 rupees.

In the hotel sector Eden Hotel Lanka closed 30 cents downat 9.70 rupees, John Keels Hotels closed 40 cents down at 9.10and Aitken Spence Hotel holdings fell90 cents to close at 28.10 rupees.

Carson Cumberbatch closed2.00 rupees down at 273.00 rupees and Access Engineering fell 50 cents to close at 21.40 rupees.

Nestle Lanka closed10.25 rupees down at 1,141.25 rupees and Aitken Spence Plc closed 1.20 rupees down at 50.00 rupees.

Sri Lanka Telecom closed 10 cents down at 32.00 rupees and Dialog Axiata closed 10 cents up at 13.00 rupees.

Richard Pieris and Company closed 10 cents up at 15.70 rupees.

The Materials Industry was the most active, fell 2.0percent today. (Colombo/March 19/2021)

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