Sri Lankan stocks end down as turnover slumps

Dec 12 (EconomyNext) – Sri Lankan stocks closed lower Friday with turnover also slumping as activity lessened in the run up to the Christmas festive season, brokers said.

The All Share Price Index closed at 7,236.37, down 6.97 points (0.10 percent) while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks on the Colombo Stock Exchange, fell 7.81 points (0.19 percent) to 4,075.14.

Turnover fell to a low 512 million rupees.

"Market activity slows down during the festive season. It’s the normal trend," said Balakrishnan Nirmalan, Manager Research at Asia Wealth Management Company.

Crossings or negotiated deals in Chevron Lubricants Lanka Commercial Bank accounted for almost half the turnover, he said.

Half-a-million shares of Chevron changed hands in two deals worth 192 million rupees and a crossing in Commercial Bank contributed 31 million rupees to turnover.

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