Distilleries, Ceylon Tobacco pull down Colombo stocks

COLOMBO: Sri Lanka stocks closed 0.47 percent on Thursday’s helped by Browns Investments, Distilleries Company and Ceylon Tobacco, Colombo Stock Exchange provisional data cited by Economy Next showed.

Colombo’s All Share Price Index fell 0.47 percent or 31.52 points to close at 6,624.15.

The S&P SL20 index of more liquid stocks fell 0.76 percent or 19.74 points to close at 2,582.95.

The market turnover was 4.4 billion rupees with 58 stocks gaining and 135 falling, Economy Next reported.

Browns Investments, contributed most to ASPI’s fall, falling 30 cents a share to close at 3.80 rupees a share, after a deal to join China Harbour Engineering in a 450 million dollar mixed development project in reclaimed land off Sri Lanka’s capital Colombo.

Browns Investments gained in the past few days though on the news of the deal.

The project will be jointly owned and managed by Browns Investment and CHEC, Browns said in a stock exchange filing.

Its parent LOLC Holdings also closed 3.50 rupees down at 136.80 rupees.

Meanwhile, Sri Lanka’s Sunshine Holdings closed 1.20 rupees up at 84.00 rupees a share with acquiring Akbar Pharmaceuticals (Pvt) Ltd for a 25 percent stake in its own pharma unit.

Akbar Brothers would also buy an additional 3 percent stake in Sunshine Healthcare for 278.4 million taking their stake to 28 percent, SHL said in a stock exchange filing.

Sunshine Holdings, which had a 100 percent stake in its pharma unit, which is a private company, will see its share going down to 72 percent and Akbar would hold 28 percent in the combined entity.

Distilleries Company fell 50 cents to close at 20.50 rupees also contributing to the ASPI fall, Economy Next repoted.