Sri Lankan stocks retreat 0.7-pct

COLOMBO (EconomyNext) – Sri Lankan stocks closed lower Friday for the fifth straight session in thin trade with construction firm Access Engineering which lost a lucrative airport repair contract falling further, brokers said.

The All Share Price Index fell 49.31 points (0.7 percent) to close at 6,873.52 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, lost 29.48 points (0.8 percent) to end at 3,901.34.

Turnover was a low 448 million rupees with only a single crossing or off-the-floor negotiated deal of 182,000 John Keells Holdings shares at 201.00 rupees.

First Capital Equities said foreign participation remained low resulting in a net foreign outflow of 92 million rupees.

Access Engineering, the second most actively traded share, lust a further 2.5 percent (50 cents) to close at 19.50. the stock has fallen steeply after the government cancelled an 85 million US dollar contract to repair the runway at the international airport at Katunayake.


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