Economy & Market

Sri Lanka stocks close down as profit taking sets in

Sri Lanka’s Colombo Stock Exchange closed down on Friday, with investors making quick profits after an upturn in the market in the last two days, brokers said.

The ASPI closed down 0.58 percent, or 131.62, at 22,701.91.

The S&P SL20 closed down 1.01 percent, or 65.05 points at 6,360.75.

“During times of uncertainty, [investors] don’t take positions for long, they try to day trade fast to make quick profits” Ranjan Ranatunga, Assistant Vice President-Research at First Capital Holdings PLC said.

Ceylinco Holdings (up 3.12 percent at Rs.3300.00) was the top positive contributor to the ASPI.

John Keells Holdings (down 2.78 percent at 21.10), Hatton National Bank (down 0.92 at 429.00), Sampath Bank (down 0.80 percent at 155.50) were top negative contributors to the ASPI.

“Bit of interest was seen in pennystocks, rest was mostly down or flat,” Ranatunga added.

The market turnover was 5.00 billion rupees. Most of this was seen in capital goods (1.57 billion rupees).

source: Economy Next