Sri Lanka stocks close 0.42-pct lower after mass resignations in govt
Tuesday June 4, 2019 15:16
ECONOMYNEXT- Sri Lanka’s stocks closed 0.42 percent lower on Tuesday after Muslim ministers resigned from their posts on Monday evening.
The All Share Price Index (ASPI) closed 22.18 points lower at 5,277.32, tumbling throughout the day.
The more liquid S&P SL20 Index closed 0.44 percent or 10.88 points down at 2,447.98.
Nine Muslims ministers resigned Monday evening, following the resignation of two Muslim governors of the Western and Eastern Province, citing rising racial hatred, and to alleviate any allegations that investigations into the Easter Sunday terror attacks were being manipulated.
Market turnover was 184.9 million rupees, with 33 stocks gaining and 75 falling.
Trades were mostly foreign to foreign transactions with net outflows of 13 million rupees from the market.
Fifty percent of the turnover was through a crossing in Melstacorp, which closed 50 cents higher at 40 rupees a share.
Telco firm Dialog Axiata contributed most to the ASPI fall, with the share closing 30 cents lower at 9 rupees.
Hatton National Bank closed 3 rupees lower at 136 rupees a share, also pushing the benchmark index down.