Sri Lanka stocks fall after fuel price hike

ECONOMYNEXT – Sri Lanka stock market slipped 0.96 percent on Tuesday (24) following a mid-night fuel hike, breaking a two-day gaining streak, Colombo Stock Exchange interim data showed.

The main All Share Price Index (ASPI) fell 81.02 points to close at 8,393.47.

Amidst the already skyrocketing prices on the island, the state-owned Ceylon Petroleum Corporation (Ceypetco) under a new price formula raised the fuel prices to record high.

Following this many transport sector entities too announced price hikes.

However the country’s Power and Energy Minister said under the price formula, other than petrol, all the other fuel were still making a loss.

The most liquid index S&P SL20 fell 1.38 percent or 39.35 points to 2,805.62.

The market turnover was 2.3 billion rupees.

ASPI was dragged down mainly by Expolanka, Melstacorp and LOLC.

Expolanka was down 2.83 percent to 232.75 rupees a share, Melstacorp fell 3.61 percent to 40.00 rupees a share while down 1.50 percent to 607.00 rupees a share.
(Colombo/May24/2022)