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CTC drags Sri Lanka stocks 0.17- pct down at close

ECONOMYNEXT | 24.06.2019

Sri Lanka stocks closed 0.17 percent lower on Monday with Ceylon Tobacco Company (CTC) dragging the index down, brokers said.

The All Share Price Index (ASPI) at the Colombo Stock Exchange closed 8.97 points lower at 5,354.53, falling from an intra-day high of 5,369.23 in the first half hour of trade, and recovering from a low of 5,348.66 in the final hour.

The ASPI has now fallen for three straight days, after gaining 92.50 points from the start of the month till last Wednesday.

“Investors are now adopting a wait-and-see approach until the June quarter earnings are released,” said Atchuthan Srirangan, Assistant Manager at First Capital Research.

The S&P SL20 Index of more liquid stocks closed 0.01 percent or 0.22 points up at 2,489.20.

The market turnover 261.4 million rupees with 54 stocks gaining and 59 stocks declining.

There was high foreign participation with 125.9 million rupees in outflows from the market.

CTC dragged the ASPI down, closing 20.10 rupees lower at 1,279.90 rupees a share.

CTC was moved out of the S&P SL20 Index on Friday.

Hemas Holdings closed 2.20 rupees down at 61.90 rupees a share and Cargills (Ceylon) closed 4.80 rupees down at 190.10 rupees a share, also pushing the ASPI down.

Sampath Bank accounted for half the daily turnover, and closed 50 cents lower at 138 rupees a share.

Retail investor interest was seen on Singer Finance, which closed 20 cents up at 12.40 rupees a share.

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.