Sri Lanka stocks close flat amidst attempts to defuse communal hate
Thursday June 6, 2019 16:41
ECONOMYNEXT- Sri Lanka’s stocks closed flat on Thursday, extending a two week low, amidst atempts to calm rising communal tension.
The All Share Price Index (ASPI) closed 0.48 points or 0.01 percent down at 5,276.84.
The ASPI was volatile throughout the day. It reached an intra-day high of 5,290.21 in the morning session, and fell to a low of 5,274.13 before recovering two points at close.
The market was at a two-week low, First Capital, a brokerage, said.
The S&P SL20 Index closed 0.17 percent or 4.25 points down at 2,442.14.
Muslim ministers said they were resinging to protest rising nationalist hatred against Muslims and that they were being unfairly labelled as terrorists. Sri Lanka’s top Buddhist prelates have said they should not resign, but if there are allegations against some, they should use normal processes to clear their names.
Reports said they have not given resignations to the President.
Sinhala extremists had destroyed Muslim businesses and Mosques in May, resulting in one death.
Market turnover was 126.3 million rupees with 52 stocks gaining and 54 falling, First Capital said.
Turnover was at a two week low,
There was moderate foreign participation with 11 million rupees in net outflows.
Nestle Lanka closed 35 rupees down at 1,510 rupees a share, and CT Holdings closed 8.60 rupees down at 165 rupees a share, pushing the ASPI down.
Dialog Axiata closed 20 cents up at 9.20 rupees a share, LOLC Holdings was down 3.30 rupees down at 91.90 rupees a share and Property Development closed 22.10 rupees up at 160.80 rupees a share, buoying the index. (Colombo/Jun06/2019)