Sri Lankan stocks end down, Access falls 5-pct

COLOMBO (EconomyNext) – Sri Lankan stocks ended weaker Monday in thin trade with Access Engineering falling further after it lost a big contract to repair the international airport’s runway, brokers said.

The All Share Price Index closed at 7,042.30, down 12.28 points (0.17 percent) while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, ended at 4,002.77, down 14.13 points (0.35 percent).

Turnover was a low of 395 million rupees with only a single crossing or off-the-floor negotiated deal of 250,000 shares of John Keells Holdings at 206.50.

Construction firm Access Engineering was the most actively traded stock and the biggest contributor to the fall in the benchmark index. The stock fell over five percent (1.20 rupees) to end at 20.40.

The government announced March 19, Thursday it had cancelled an 85 million US dollar contract awarded to Access Engineering to repair the runway at the international airport at Katunayake.

Kalpitiya Beach Resort fell 5.1 percent to a 52-week low of 3.50 rupees after the Securities and Exchange Commission ordered the firm to call an extraordinary general meeting of shareholders to explain what it will do with 283.5 million rupees raised from the public to build a hotel.

Stockbrokers First Capital Equities said there was relatively low foreign participation resulting in a net foreign outflow.

 

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