Sri Lanka stocks edge lower, turnover picks up

Sep 25, 2015 (LBO) – Sri Lankan stocks closed lower 0.06 percent on Friday with investors concerned over domestic economic conditions, brokers said.

The Colombo benchmark All Share Price Index closed down 4.03 points at 7,110.80 lower 0.06 percent.

S&P SL20 closed 2.30 points lower at 3,889.52 down 0.06 percent.

Turnover was 1.2 billion rupees, up from 747.5 million rupees Wednesday with 67 stocks closing positive against 88 negative.

“Trading volumes were up today on institutional activity,” Lanka Securities said.

“Interest rates have been increasing in recently and this is a key concern.”

A monetary policy announcement is due later today. The International Monetary Fund has said Sri Lanka should  look at a tightening bias.

The main index showed losses in Ceylon Tobacco Company closing at 970.90 rupees and Peoples Leasing closing at 22.10 rupees, down 0.80 rupees with over 7.2 million shares traded.

Two off the floor trades were recorded in the stock with one of 1.9 million shares at 22.80 rupees and 4.5 million shares at 22.00 rupees.

John Keels Holdings closed at 174.50 rupees, down 0.50 rupees while the JKH warrant 22 which stops trading on Monday closed down at 8.80 rupees, down 2.20 rupees.