Sri Lanka stock index slips from six-week high

COLOMBO: Sri Lanka’s main stock index slipped from six-week high hit on the previous session and fell for the first time in five straight session due to profit-taking amid concerns over debt default also weighed on the sentiments, dealers said.

The day’s turnover was 3.5 billion rupees, its highest since March 30 and more than half of this year’s average daily turnover of 4.2 billion rupees.

The main All Share Price Index (ASPI) surrendered its early gains and closed 0.48 percent or  40.44 points weaker at 8,417.21 at the close.

It ended at its highest since April 6 on the previous session.“The market was pulled down solely on profit-taking as the overall market has gained in the last few days,” a top market analyst said.

The index had risen over 13 percent in the last four sessions through Tuesday, official data showed.

Other analysts said investors were concerned over possible hard default on Wednesday as the country had no dollars to pay coupon payments for sovereign bond holders and another payment for Asian Development Bank.