Sri Lanka stocks close lower on CTC, JKH, SLT
ECONOMYNEXT– Sri Lanka’s stock closed 2.57 percent lower on Friday, dragged down by Ceylon Tobacco Company, John Keells Holdings and Sri Lanka Telecom, provisional data showed.
Colombo’s main All Share Price Index (ASPI) reached a daily high of 5,479.45 at market open but tumbled down and fell throughout the day.
The ASPI closed 141.10 points lower to 5,343.15 and the S&P SL20 index of more liquid stocks fell 2.70 percent or 68.70 points to end at 2,479.61.
Asian markets which was gaining throughout the week plunges on Friday as the investors started withdrawing from the stock market to invest into Yen and Gold with the continues effects of the coronavirus.Tokyo fell 2.7 percent, Shanghai 1.2 percent, Hong Kong 2.3 percent.
European market also fell due to the coronavirus fear with Paris down 3.9 percent, Frankfurt down by 3.7 and london down by 3.3 percent.
Turnover in Colombo reached 827 million rupees with 21 stocks gaining and 153 falling.
Index-heavy Ceylon Tobacco Company last traded 50.90 rupees lower at 1,048.50 rupees a share, contributing most to the ASPI’s fall.
John Keells Holdings last traded 4.70 rupees lower at 140.10 rupees a share and Sri Lanka Telecom fell 2.50 rupees to 27.00 rupees a share, also pushing the ASPI down.
There was a 206.5 million rupee negotiated trade (crossing) in John Keells Holdings at 140 rupees per share and the stock closed 50 cents up at 140.50 rupees a share.
A 82 million rupee crossing was seen in John Keells Holdings at 4.10 rupees a share and the stock closed 30 cents up at 4.40 rupees a share.
The Utilities Industry, which was the most active, fell 1.3 percent.
The Food, Beverages and Tobacco industry which was also active fell 2.8 percent. (Colombo/Mar 06/2020)
Kithmina Hewage- Institute of Policy Studies