Sri Lanka stocks near fifteen month intra day drop over political environment in the Island

Nov 24, 2014 (LBO) – Sri Lanka’s stocks closed 2.25 percent lower recording the highest intra-day drop in nearly fifteen months reflecting investor concerns over the current political environment prevailing in the island, a broker said. “Political uncertainties pushed the equities market deep into the red on Monday as ASI witnessed the highest intra-day drop in 15 months.” Lanka Securities Research said.

The index plunged 170.14 points on August 28, 2013.

The Colombo benchmark All Share Price Index closed 166.37 points lower at 7,235.25, down 2.25 percent.

The S&P SL20 closed 82.32 points lower at 4,044.94, down 1.99 percent.

Turnover was 1.70 billion rupees, down from 2.14 billion rupees last Friday with 14 stocks closed positive against 222 negative.

Laugfs Gas closed 2.80 rupees lower at 40.10 rupees with an off market transaction of 378.00 million rupees changing hands at 43.00 rupees per share contributing 22 percent of the turnover.

The aggregate value of all off-the-floor deals represented 24 percent of the daily turnover.

Access Engineering closed 2.00 rupees lower at 37.30 rupees, attracting most number of trades during the day.

Foreign investors bought 164.45 million rupees worth shares while selling 64.26 million rupees worth shares.

John Keells Holdings closed 5.70 rupees lower at 247.50 rupees and Carson Cumberbatch closed 23.70 rupees lower at 426.20 rupees, contributing most to the index drop.

Commercial Bank of Ceylon closed 5.60 rupees lower at 169.40 rupees and Dialog Axiata closed 30 cents lower at 12.70 rupees.

Nestle Lanka closed 45.40 rupees lower at 2,111.00 rupees.

Bukit Darah closed 26.00 rupees higher at 736.30 rupees.