Sri Lanka stocks reverse gains made since Monday

ECONOMYNEXT– Sri Lanka’s stock closed 1.48 percent lower on Wednesday, dragged down by Dialog Axiata, John Keells Holdings and LOLC Holdings, provisional data showed.

Colombo’s main All Share Price Index (ASPI) reached a daily high of 5,623.82 at market open and fell for the rest of the day, reversing the gains made over the past two days.

The ASPI closed 82.96 points lower or 5,535.45 and the S&P SL20 index of more liquid stocks fell 2.65 percent or 70.44 points to end at 2,586.31.

Asian markets gained on Wednesday with Tokyo up 0.1 percent, Shanghai 0.6 percent, Hong Kong 0.2 percent amid the US Fed administering an emergency rate cut to counter economic effects of the coronavirus, which other central banks are also likely to follow.

Turnover in Colombo reached 478 million rupees. There was moderate foreign investor participation, with outflows of 51.9 million rupees.

Index-heavy Dialog Axiata,a unit of Malaysia’s Axiata group last traded 50 cents down at 11.20 rupees a share, contributing most to the ASPI’s fall.

John Keells Holdings last traded 2.50 rupees lower at 147.50 rupees a share and LOLC Holdings fell 4.50 rupees to 129.00 rupees a share, also pushing the ASPI down.

There was a 82.2 million rupee negotiated trade (crossing) in Sanasa Development Bank at 55.20 rupees per share and the stock closed at 56.20 rupees a share.

A 80 million rupee crossing was seen in Candor Opportunities Fund at eight rupees a share. Dubai-based Eagle Investments sold Candor Opportunities Fund’s holding firm Candor Asset Management on Wednesday for 26.7 million rupees.

Another 60 million rupee crossing was seen in Lion Brewery Ceylon at 600 rupees a share and the stock closed flat at 600 rupees.

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The food, beverages and tobacco industry index, which was the most active, fell 0.47 percent.

The bank industry index which was also active fell 2.09 percent. (Colombo/Mar 04/2020)

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