Sri Lanka’s stocks close down 1.3-pct

Mar 30, 2015 (LBO) – Sri Lanka’s shares were down Monday with the benchmark index continuing to drop dragged down by banking and index heavy counters, brokers said.

The Colombo benchmark All Share Price Index closed 86.42 points lower at 6,787.10, down 1.33 percent. The S&P SL20 closed 68.81 points lower at 3,832.53, down 1.76 percent.
“Investors are on a continuous selling spree due to lack of political and policy stability in the country, brokers said.

“The super gain tax and the rise in market interest rates have had an effect on the the banking profit margin making it thinner.”

Turnover was 485 million rupees with 31 counters showing gains and 149 stock counter dropping.

In the banking sector, Commercial Bank dropped 4.10 rupees to 162.70 rupees while Seylan Bank closed at 98.90 down 3.10 rupees.

John Keells Holdings dropped 4.00 rupees to 196.20 rupees.