Sri Lanka stocks close down 1.2-pct, foreign inflow 602 mln rupees 

Mar 09, 2016 (LBO) – Sri Lankan stocks closed down 1.2 percent with continued losses in index heavy stocks following a government announcement to re-introduce Capital Gains Tax on Tuesday, brokers said.

The Colombo benchmark All Share Price Index (ASPI) closed 72.37 points at 5,862.35, down 1.22 percent. The S&P SL20 closed 51.93 points at 3,092.92 down 1.65 percent.

Turnover was 1.8 billion rupees, up from Tuesday’s 900 million rupees with 45 stocks closing positive against 139 negative.

The main index showed losses in Commercial Bank with the stock closing at 117.10 rupees, down 6.10 and Ceylon Brewery closed at 580.60 rupees, down 171.40 rupees.

Distilleries closed at 209.00 rupees, down 5.00 rupees.

John Keells Holdings closed flat at 150.80 rupees with over 1.8 million shares traded.

Overseas Reality was heavily traded stock with over 16.3 million shares traded in two separate off the floor transactions and the stock closed at 23.10 rupees, up 0.50 rupees.

There was a net foreign inflow of 602 million rupees, up from Tuesday’s 245 million rupees.

Prime Minister Ranil Wickremesinghe told Parliament Tuesday that the government had decided to amend certain budget proposals applicable for this year with a Capital Gains Tax which has not been implemented in Sri Lanka from 1987 was introduced.

Tax concessions on telecommunications, private education and private health have also been removed.