Indices down

In Colombo, stocks declined with the ASPI down by 25 points to 1, 612, while the MPI which tracks the most liquid stocks was down 26 points to 1,804. Turnover was a low of Rs 33.4 million with investors staying in the sidelines.

The National Bureau of Economic Research (NBER) of the USA declared that the country has been in recession since December 2007. The NBER uses a range of data to base its analysis of trade cycles said that economic activity in the areas of production, employment and real income has been declining from December 2007 in the US.

Classical economists define a recession as negative growth in the gross domestic product (GDP) of a country for two consecutive quarters. The NBER definition defines it as a downturn from the peak.

Source: First Guardian Equities