Stock indices down

The indices at the Colombo Stock Exchange came down with the ASPI losing 17 points (-1%) to close at 1,801, while the MPI lost 8 points (-0.4%) to close at 2,015. Total turnover for the day was Rs 102.6 million. 26 stocks were up for the day while 100 shares were down.

Contribution to turnover came from CW Mackie (Turnover of Rs 12.4 million, share closed up at Rs 16.75), Commercial Bank (Turnover of Rs 8.2 million, share closed up at Rs 98.25) and John Keels Holdings (Turnover of Rs 7.6 million, share closed down at Rs 69.25)

Sri Lanka's Supreme Court has ended a freeze on payments by state-run Ceylon Petroleum Corporation (CPC) to commercial banks on derivatives of nearly a million barrels of crude and refined products. CPC's liability on the controversial hedging transactions has not been published, but independent estimates range from US$ 500 - 800 million.

If paid, the country's already-low foreign reserves can be severely depleted, putting further depreciation pressure on the Sri Lankan Rupee.

In Japan the Nikkei Index was up 5%, while the in India the Bombay Sensex index of most watched stocks was up 4%. In the precious metals market, gold was trading at US$894/troy ounce one day after crossing the US$900.00 level.