Sri Lanka stocks fall on John Keells Holdings, Distilleries

ECONOMYNEXT- Sri Lanka’s stock were battered on Tuesday, dragged down by John Keells Holdings and Distilleries Company of Sri Lanka, brokers said.

The All Share Price Index at the Colombo Stock Exchange fell 0.58 percent or 34.69 points to 5,899.06.

The ASPI had risen to a daily high of 5,940.14 in the opening minutes of trading, before falling throughout the day to a low of 5,897.83 before posting a marginal recovery.

The S&P SL20 Index of more liquid stocks closed 0.79 percent or 22.21 points down at 2,801.85.

The market has now fallen for the second consecutive day. Brokers said investors are still waiting to see the changes of widespread tax, after parliament last week reversed a reduction of value added tax.

Market turnover was 573.11 million rupees.

John Keells Holdings closed 2.40 rupees down at 157.60 rupees a share, contributing most to the ASPI fall.

Distilleries Company of Sri Lanka closed 40 cents down at 17.50 rupees a share, also pushing the ASPI down.

Distilleries on Monday said the firm’s profits grew 14.5 percent in the December quarter.

Banking stocks, where most of the action took place during the day, closed 0.61 percent lower.

First Capital, a brokerage, said foreign outflows were heavy on Commercial Bank.

Commercial Bank and Hatton National Bank constituted 46 percent of the day’s turnover, First Capital said. (Colombo/Feb11/2020)