Bearish run continues at CSE

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The bearish run at the Colombo Stock Exchange extended for the third consecutive day on Thursday (26) as the benchmark index slipped on a relatively modest turnover as investors become more cautious over the current situation in the country and comments made by authorities.

The prevailing dollar shortage and the recent hikes in prices of essential goods which as well comments by Central Bank Governor on Sri Lanka’s economic situation has caused serious alarm among the investor community.

The benchmark All Share Price Index, which started the day at 8,370.16 points on Thursday (26) lost 0.60 per cent (50.58 points) to close the day at 8,319.58 points.

The S&P SL20, representing the top 20 companies traded on Colombo Bourse, which started at 2,780.03 points, lost 1.28 per cent (39.45 points) to close at 2,744.54 points. The Colombo Stock Exchange saw a daily turnover of Rs 1.62 billion on Thursday (26) lower than Rs 1.65 billion recorded the previous day.

The Colombo Bourse witnessed a foreign outflow worth Rs 47 million on Thursday (26) as foreigners sold shares worth Rs 56 million as against purchases of Rs 9 million. 

More than 103.7 million shares changed hands on Thursday (26) during 15,735 trades that took place.

Shares of nearly 240 companies were traded during the day of which 104 emerged as losers ahead of 72 winners.

ExpoLanka Holdings, Sampath Bank, John Keells Holdings, Mestacorp and Asian Hotels & Properties dragged the benchmark index down despite attempts by Brown Investment, LOLC Finance, Aitken Spence, LOLC Holdings and Colombo Lanka & Development Company to push it up.

The top ten losers during the day were: AHOT Properties, Chrissworld, SMB Leasing, Nation Lanka Finance, Gestetner, Beruwela Resorts, Singhe Hospitals, Hunas Holdings, Singer Sri Lanka and Citrus Leisure.

Top winners were: Industrial Asphalt, CW Mackie, Citrus Hikkaduwa, Prime Residencies, Tess Agro, Renuka Hotels, Marawila Resorts, Hotels Corporation, Unisyst and Tess Agro (non-voting).

By Mario Andree