Sri Lanka stocks reverse three day fall

ECONOMYNEXT- Sri Lanka’s stocks closed 0.74 percent higher on Tuesday, halting a three day fall on the back of buying in Ceylon Tobacco Company (CTC), provisional data showed.

The All Share Price Index (ASPI) closed 43.39 points up at 5,912.46, after reaching a daily high of 5,918.42 minutes before trading closed.
 
The more liquid S&P SL20 Index closed 0.96 percent or 27.83 points up at 2,923.97.
 
Market turnover was 383.9 million rupees, with 80 stocks gaining and 48 falling.
 
CTC, Sri Lanka’s sole licensed cigarette maker, closed 43 rupees up at 1,250 rupees a share, pushing the ASPI up.
 
The firm’s net profits for the June quarter grew 7.5 percent, as cost of sales fell on favourable weather allowing better harvests of local tobacco leaf and cutting down on leaf imports.
 
The country’s largest listed firm John Keells Holdings also contributed to the market gain on Tuesday, closing 2.10 rupees up at 152.10 rupees a share. (Colombo/Aug20/2019)