Sri Lankan stocks end marginally higher, Access falls 3-pct
COLOMBO (EconomyNext) – Sri Lankan stocks ended marginally higher Thursday in thin trade with Access Engineering falling three percent after the government cancelled a big deal to repair the international airport’s runway, brokers said.
The All Share Price Index closed at 7,046.70, up 2.80 points (0.04 percent) while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, ended at 4,019.48, up 5.66 points (0.14 percent).
Turnover fell to a low of 330 million rupees.
Construction firm Access Engineering was the most actively traded stock, closing at 24.00, down 0.80 (3.23 percent).
A government spokesman announced it had cancelled an 85 million US dollar contract awarded to Access Engineering to repair the runway at the international airport at Katunayake.
The company has no experience to do the work and was given the deal without a proper competitive tender procedure, spokesman Health Minister Rajitha Senaratne said.