Economy & Market

Sri Lanka stocks open down as oil passes $110 a barrel

Sri Lanka’s Colombo Stock Exchange opened down on Thursday with oil prices passing 112 dollars a barrel.

The rise in oil prices followed attacks on energy infrastructure, as Iran conducted missile strikes on the world’s largest LNG export plant in Qatar, following Israel’s strike on Iran’s South Pars gas field.

The ASPI was down 0.90 percent, or 185.61, at 20,455.02.

The S&P SL20 was down 0.90 percent, or 51.68, at 5,713.89.

Turnover was 591 million rupees.

Rising oil prices and a possible fuel shortage would mean businesses become less profitable, which worries investors, brokers have pointed out.

John Keells Holdings (down 2.14 percent at Rs.18.30), Hayleys (down 2.34 percent at Rs.198.25), Richard Pieris and Company (down 4.15 percent at Rs.30.00) were the top negative contributors to ASPI.

The Strait of Hormuz remains effectively closed. US President Donald Trump has temporarily waived the Jones Act to allow foreign vessels to use US ports.

Source: Economy Next