Sri Lankan stocks end down 0.9-pct
COLOMBO, Nov 27, 2014 (EconomyNext) – Sri Lankan stocks fell steeply at the opening Thursday but recovered to close almost one percent down as sentiment remained bearish owing to political uncertainty.
The All Share Price Index closed at 7,115.89, down 63.83 points while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, fell below the 4,000-mark to end at 3,977.15, down 47.55 points or 1.18 percent.
Turnover was 1.3 billion rupees with foreign investors remaining net buyers.
The market downturn began Friday after a split in the ruling party with the defection of key ministers and a re-alignment of opposition forces to challenge President Mahinda Rajapaksa in polls set for January 8.
"The ASPI took a nosedive during the initial hours of trading and witnessed gradual recovery towards mid-day but yet ended 63.8 points below as political uncertainty continues to hamper positive sentiment," Asia Securities said.
The benchmark index fell largely due to price dips in index heavy weights, including, Commercial Bank of Ceylon, Sri Lanka Telecom and Hatton National Bank.
There was a net foreign inflow of 320.1 million rupees.