Sri Lanka stocks fall on banking and finance

ECONOMYNEXT- Sri Lanka’s stocks closed 0.16 percent lower on Friday, dragged down by banking and finance stock, brokers said.

The main All Share Price Index (ASPI) closed 9.99 points down at 6,089.67, after reaching an intra-day high of 6,110.65 in the first hour of trading.

The more liquid S&P SL20 Index closed 0.12 percent or 3.49 points up at 2,958.71 on gains made by John Keells Holdings.

The ASPI ended the week down from its start at 6,149.57.

Market turnover was 379.7 million rupees, with 58 stock prices gaining and 68 falling.

Foreign investors were not active, with net sales of 42.2 million rupees from the market.

LOLC Development Finance contributed most to the ASPI fall, closing 7 rupees down at 38 rupees a share.

The telco Dialog Axiata closed 20 cents down at 12.70 rupees a share, also pushing the ASPI down.

Retail investor interest centred on LOLC Holdings, which closed 40 cents up at 128.10 rupees a share, after it yesterday announced the sale of one of its Cambodian units which has a 2.2 billion US dollar balance sheet.

However, banking and finance stock closed 0.24 percent lower.

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Citizens Development Business Finance generated over 50 percent of the turnover (202.7 million rupees) in a negotiated trade of 2.4 million shares at 85 rupees a share.

The CDB share closed 1.10 rupees down at 84 rupees a share.
(Colombo/Dec13/2019)

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