Sri Lanka stocks retreat for sixth day

ECONOMYNEXT- Sri Lanka’s stocks closed 0.48 percent lower on Friday for the sixth continuous day, dragged down by food and tobacco counters, provisional data showed.

The All Share Price Index (ASPI) at the Colombo Stock Exchange closed 28.09 points down at 5,829.21.

The All Share Price Index (ASPI) index reached a daily high of 5865.19 within the first five minutes of trading on the back of Sampath Bank’s dividend announcement and fell for the rest of the day on volatile trade.

The S&P SL20 Index of more liquid stocks closed 0.43 percent or 11.86 points up at 2,779.76.

 

The market turnover was 427.42 million rupees with 36 stocks gaining and 109 falling.

Foreign investors were moderately active, with net outflows of 29.1 million rupees.

Ceylon Tobacco Company closed 14.40 rupees down at 1,135.50 rupees a share, contributing most to the ASPI’s fall.

Nestle Lanka closed 49.20 rupees lower at 1,250.00 rupees a share and Trans Asia Hotels fell 8.50 rupees to 61.40 rupees a share, also contributing to the ASPI’s decline.

Meanwhile, Dialog Axiata stocks closed 30 cents up at 12.60 rupees a share and Sampath Bank stocks closed 6.30 rupees higher at 166.90 rupees a share, arresting the ASPI’s fall.

Sampath gained on the back of the firm announcing an 11.75 rupee dividend.

Sampath Bank said its profits for the December quarter grew 29.4 percent to 4.9 billion rupees from a year earlier on a one-off tax reversal.

There was a 31.9 million rupee crossing in Sanasa Development Bank with 569,000 shares changing hands at 56 rupees a share.
(Colombo/Feb 14/2020)