Sri Lankan stocks gain marginally, Access tumbles 10-pct

COLOMBO (EconomyNext) – Sri Lanka’s benchmark stock index ended marginally higher Friday in thin trade with Access Engineering tumbling further, down 10 percent after it lost a big contract to repair the international airport’s runway, brokers said.

The All Share Price Index closed at 7,054.58, up 7.88 points (0.11 percent) while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, ended at 4,016.90, down 2.58 points (0.06 percent).

Turnover was a low of 370 million rupees. 

Construction firm Access Engineering was the most actively traded stock, tumbling 10 percent or 2.40 rupees to 21.60, after Thursday’s three percent fall, the third highest decline.

About 3.5 million Access shares were traded generating a turnover of 77 million rupees.

The government announced Thursday it had cancelled an 85 million US dollar contract awarded to Access Engineering to repair the runway at the international airport at Katunayake as it has no experience for the work and the deal was a proper competitive tender procedure.

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