Sri Lanka stocks close lower at 0.1 –pct with political uncertainty keeping investors away

Apr 20, 2015 (LBO) – Sri Lanka’s stocks closed down, 0.09 per cent mainly due to the prevailing political uncertainty in the Island driving investors away, brokers said.

The Colombo benchmark All Share Price Index closed 06.03 points lower at 7,080.38 down 0.09 per cent. The S&P SL20 closed 08.04 points higher at 4,020.60 up 0.20 per cent.

“The unsettling activities in parliament and the current insecure political situation in the country is having an impact on the market and today’s trading activities,” Lanka Securities said.

“There was also continued interest in the apparel counters as well on speculation that the GSP+ tax benefits would be regained.”

Turnover was 493.51 million rupees down from 717 billion rupees, Friday with 60 stocks closing positive against 103 negative.

Textured Jersey Lanka closed at 25.60 rupees, up 0.10 rupees and Hayley’s MGT Knitting Mills closed at 19.60 rupees up 0.40 rupees.

Dialog Axiata closed flat at 11.70 rupees with a crossing of two million shares. John Keells Holdings closed down at 208.00 rupees, down 1.00 rupees.

Banking stocks had mixed results with the Hatton National Bank closing at 226.50 rupees, down 3.20 rupees and Commercial Bank closing at 172.00 rupees, up 1.00 rupees. DFCC closed at 212.10 rupees, up 1.90 rupees.

 Access Engineering was another heavily traded stock with over 2 million shares changing hands and the stock closing at 24.60 rupees, up 0.60 rupees.