Sri Lanka stocks lower as central bank slaps price controls on bank deposits

ECONOMYNEXT – Sri Lankan stocks closed 0.51 percent higher on Friday with brokers saying more interest in shares was expected with a new ceiling on deposit rates coming into effect.

Colombo’s All Share Price index (ASPI) closed 27.16 points higher at 5,372.29.

The S&P SL20 index of more liquid stocks closed 0.78 percent or 19.24 points up at 2,497.00.

Central Bank of Sri Lanka reduced the reference rates applicable for ceiling interest rate for rupee deposits from Friday. 

It is expected that this might lead people to look for alternate investments like the stock market, brokers said.

The market turnover was 301 million rupees with 79 stocks gaining and 43 stocks declining.

Sampath Bank and Commercial Bank of Ceylon combined made up 48 percent of the turnover today with 2700 trades carried out.

Distilleries Company of Sri Lanka closed 80 cents up at 15.80 rupees a share contributing most to the ASPI’s rise.

Melstacorp closed 1.90 rupees up at 41.90 rupees a share and Lion Brewery Ceylon closed 19.40 up at 550.00 rupees a share, also pushing the ASPI up.
(COLOMBO, 28 June, 2019)





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