Sri Lankan stocks slump 1.3-pct

COLOMBO (EconomyNext) – Sri Lanka’s stock market slide deepened Monday with the benchmark index slumping over one percent, extending the downward trend for the sixth
straight session in thin trade, brokers said.

The All Share Price Index fell 91.09 points (1.33 percent) to close at 6,782.43 while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, closed at 3,832.53, down 68.81 points (1.76 percent).

Turnover was a low 459 million rupees.

First Capital Equities said the bourse in early morning trade stagnated for 30 minutes and then plunged by 91 points.

"Market activity remained moderate during the day with heavy selling pressure especially in John Keells Holdings, Ceylon Tobacco Company and Commercial Bank," they said.

Foreign participation was low and the net foreign flow was led by an outflow in Laugfs Gas Ltd.

Trans Asia Hotels announced that the Cinnamon Lakeside Hotel will be partially shut from 30th March 2015 to October 2015 to undertake urgent repairs. Counter inclined to LKR 94.00 (+8.2%) during the session erasing part of the 13% dip recorded in the last five sessions.

Lanka Securities said the first initial public offer of the year, of Singhe Hospitals, was oversubscribed during the day. The company planned to raise 250 million rupees.

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