Market opened positively but closed lower due to price drop in Blue Chip stocks such as Commercial Bank, Distilleries, & JKH. The benchmark Colombo All Share Price Index closed the day 12.74 points lower at 2964.19 while the Milanka index that represent more liquid stocks closed 10.60 points lower at 3323.24. Turnover was 670.6 million rupees.

Index heavy weighted John Keells Holdings closed at Rs 141.25, down 75 cents. Commercial Bank of Ceylon Plc lost 2.75 to close at Rs 173.50 while its nonvoting stocks closed four rupees lower at Rs 116.00. DFCC was down by 3.25 to close at Rs 146.75. Sampath Bank lost five rupees to end the day at Rs 180.00.

Investors were worry over recent interest rate cut by state Banks. It is unlikely that private listed Banks to reduce their lending rates in near future. But in short term there is a possibility to lose their customer base if they continue to charge high interest rate than state controlled Banks.

Activated Carbon producer Haycarb Plc was up by 4.75 to close at Rs 104.00. The Lion Brewery Ceylon Plc gained 1.25 to end the day at Rs 61.25.

Foreign investors were net buyers with Rs 51.5 million purchases & Rs 18 million in sales.

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Filed under: Stock Market Today.

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