Business

Colombo shares drop on retail profit taking

16 January 2015 - 133   - 0

    The Colombo share market on Friday dipped on the back of retail profit taking stemmed by still simmering political developments despite the election of a new president, brokers said. They said that retailers went into overdrive to take profits, resulting in both indices ending mixed.

This came on the back of a tense political setting where former President Mahinda Rajapaksa finally agreed to hand over the Chairmanship of the Sri Lanka Freedom Party (SLFP) to Sri Lanka's new president, Maithripala Sirisena today. President Sirisena announced an interim cabinet on Monday evening saying he would carry out reforms to fight corruption in the 100-day programme leading to a parliamentary election.

The core ASPI declined by 0.48 per cent to close at 7,513.86 while the S&P SL20 index dropped 0.09 per cent to close at 4,261.69, according to provisional data. The turnover was at Rs. 997 million. – ENDS -

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