Sri Lanka stocks fall after fuel price hike


COLOMBO – Sri Lanka stock market slipped 0.96% on Tuesday (24) following a mid-night fuel hike, breaking a two-day gaining streak, Colombo Stock Exchange interim data showed.

The main All Share Price Index (ASPI) fell 81.02 points to close at 8,393.47.

Amidst the already skyrocketing prices on the island, the state-owned Ceylon Petroleum Corporation (Ceypetco) under a new price formula raised the fuel prices to record high.

Following this many transport sector entities too announced price hikes, with the state run and private buses increasing fares by an average of 19.5%.

Director General of NTC, Nilan Miranda told reporters the minimum bus fare will be increased from Rs 27 to Rs 32, adding that in parallel semi luxury, luxury bus fares will also be increased. The price revisions was set to be implemented from mid night Tuesday.

However the country’s Power and Energy Minister said under the price formula, other than petrol, all the other fuel were still making a loss.

The most liquid index S&P SL20 fell 1.38 percent or 39.35 points to 2,805.62.

The market turnover was Rs 2.3 billion.

ASPI was dragged down mainly by Expolanka, Melstacorp and LOLC.

Expolanka was down 2.83% to Rs 232.75 a share, Melstacorp fell 3.61% to Rs 40.00 a share while LOLC was down 1.50% to Rs 607.00 a share.

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