Sri Lanka stocks close down 0.3-pct: Budget concerns

Oct 13, 2015 (LBO) – Sri Lankan stocks closed down on Tuesday with losses seen in some index heavy and telecom sector stocks with investors concerned about the budget, brokers said.

The Colombo benchmark All Share Price Index closed down 21.55 points at 7,078.45, down 0.30 percent. S&P SL20 closed 5.01 points lower at 3,811.21 lower 0.13 percent.

“Investors are concerned about the upcoming budget in November and mainly concerned about taxes like super gains on business,” Lanka Securities said.

Turnover was 1.15 billion rupees, up from 988 million on Monday with 56 stocks closing positive against 103 negative.

Losses were seen in Dialog Axiata closing at 11.10 rupees, down 0.10 rupees with over 2.2 million shares traded and Sri Lanka Telecom closed at 47.60 rupees, down 0.50 rupees.

Laugfs Gas closed at 46.60 rupees, up 1.30 rupees with the stock hitting a 52 week high price of 46.40 rupees with over 700,000 shares traded.

The Company acquired a 69 percent of the total issued shares, in Petredec Elpiji Limited, a company incorporated in Bangladesh for 18.75 million US dollars.

In the banking sector DFCC closed at 176.10 rupees, down 1.90 rupees with the stock hitting a 52 week low of 175.00 rupees.

Sampath Bank closed at 258.40 rupees, down 1.50 rupees and National Development Bank closed at 217.00 rupees, up 0.60 rupees after hitting a 52 week low of 215.00 rupees.