Sri Lankan stocks fall to near 7-month low
COLOMBO (EconomyNext) – The downturn in Sri Lanka’s stock market deepened Tuesday with the benchmark index sinking below the 7,000 mark to a near seven-month low amid continuing political uncertainty, brokers said.
The All Share Price Index lost 44.37 points (0.6 percent) to end at 6,997.93 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, closed at 3,977.17, dropping 25.60 points (0.6%.
Turnover was a low of 395 million rupees with no crossing or off-the-floor negotiated deals.
Brokers said the latest expansion of the Cabinet of ministers to include members of the opposition during the weekend added to the political uncertainty ahead of general elections after April.
First Capital Equities said foreign investors continued buying but there was a net foreign outflow Tuesday for the second consecutive day of the week.
Lanka Securities said the ASPI closed below 7,000 after nearly seven months with share prices of 24 firm touching 52-week low price levels.
Non-voting shares of Seylan Bank was the only stock to hit a 52-week high Tuesday, reaching 67.00 rupees but closing lower at 65.00.
There was continued selling in Access Engineering, whose 85 million dollar international airport repair deal was cancelled by the government. It sank to a 52-week low of 20.10 but ended at 20.40 rupees.
Access has fallen 36 percent so far this year, Lanka Securities said.
Continued selling pressure was also seen in Overseas Realty, after its announcement of a rights issue with the share closing at 23.70, down 3.7 percent.