Sri Lanka shares closed down on Tuesday due to investor uncertainties.
Turnover was at 994 million, falling below yesterday’s 1 billion. This was mainly driven by trades in the Capital Goods Industry.
The All Share Price Index was down 0.69 per cent or 74.51 points to 10,647.33, while the S&P SL20 was down 0.89 per cent or 26.78 points to 2,973.12.
“You can see the weak investor interest in the market and the weak approach with everyone waiting for the upcoming budget and the debt restructuring to finish,” an analyst said.
Cargills (Ceylon) Plc saw its shares gain in the day’s trading possibly due to an announcement that it expects to hold 49 per cent in a joint venture company to be formed with two dairy companies in India.
A shareholder agreement was signed on October 11 with National Dairy Development Board of India (NDDB), Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), Cargills said in a stock exchange filing.
The joint venture with Cargills came from a Joint Declaration of Intent (JDI) signed in July 2023 between the Department of Animal Husbandry and Dairying of the Ministry of Fisheries, Animal Husbandry and Dairying of India and the Ministry of Agriculture of Sri Lanka to cooperate in animal husbandry and dairy.
The planned joint venture will work with 200,000 local farmers to boost domestic milk production.
Source: Economynext
