Sri Lanka stocks fall on banks

ECONOMYNEXT– Sri Lanka’s stock closed 0.92 percent lower on Thursday, dragged down by John Keells Holdings, Commercial Bank of Ceylon and Hatton National Bank, provisional data showed.

Colombo’s main All Share Price Index (ASPI) reached a daily high of 5,548.40 at market open but tumbled down and fell throughout the day, extending a retreat begun a day earlier.

The ASPI closed 51.20 points lower to 5,484.25 and the S&P SL20 index of more liquid stocks fell 1.47 percent or 38 points to end at 2,548.25.

Asian markets gained on Thursday with Tokyo up 1.1 percent, Shanghai 2.0 percent, Hong Kong 2.1 percent amid the US Fed administering an emergency rate cut to counter economic effects of the coronavirus.

Turnover in Colombo reached 759 million rupees. There was moderate foreign investor participation, with outflows of 51.9 million rupees.

Index-heavy John Keells Holdings last traded 2.70 rupees down at 144.80 rupees a share, contributing most to the ASPI’s fall.

Commercial Bank of Ceylon last traded 3.50 rupees lower at 81.00 rupees a share and Hatton National Bank fell 3.80 rupees to 141.20 rupees a share, also pushing the ASPI down.

There was a 119 million rupee negotiated trade (crossing) in Melstacorp PLC at 33 rupees per share and the stock closed flat at 33 rupees a share.

A 43.5 million rupee crossing was seen in John Keells Holdings at 145 rupees a share and the stock closed 20 cents down at 144.80 rupees a share.

Another 30.5 million rupee crossing was seen in Commercial Bank of Ceylon at 80.50 rupees a share and the stock closed 50 cents up at 81 rupees.

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The food, beverages and tobacco industry index, which was the most active, fell 0.45 percent.

The bank industry index which was also active fell 1.9 percent. (Colombo/Mar 05/2020)  

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