Sri Lanka stocks fall, Lanka Tiles gains after signing Chinese joint venture

ECONOMYNEXT- Sri Lanka’s stocks closed 0.56 percent lower on Monday, dragged down by Commercial Leasing and Finance, provisional data showed.

The main All Share Price Index (ASPI) closed 33.84 points down at 6,055.83, falling throughout the day after a brief gain to a high of 6,088.36 in the first half hour of trading.

The S&P SL20 Index of more liquid stocks closed 0.54 percent or 15.92 points down at 2,942.79.

Over the weekend, the new government released its economic policy document, which favours local industrialization, especially in the construction sector, and bans foreigners from many economic activities.

However, the government had previously shown its intent to support the construction industry, by cutting taxes.

Market turnover for Monday was 210.7 million rupees, which was a 21-week low.

Foreign investors were not active in the market, with net outflows of 7.2 million rupees.

Prices of 26 stocks rose and 101 fell.

Commercial Leasing & Finance closed 30 cents down at 3.30 rupees a share, contributing most to the ASPI fall.

State-owned telco Sri Lanka Telecom closed 90 cents down at 30.60 rupees a share, also contributing to the ASPI fall.

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Retail investor activity was high on Access Engineering Plc, a leading construction firm, which closed 60 cents down at 21 rupees a share.

Lanka Tiles Plc, which said it has formed a joint venture with a Chinese company to export tiles to the US, also saw some retail activity, closing 1 rupee up at 76.80 rupees a share. (Colombo/Dec16/2019)

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