Bearish run continues at CSE

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The bearish run at the Colombo Stock Exchange extended for the fourth consecutive day on Friday (27) 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 8,319.58 points on Friday (27), lost 0.05 per cent (4.03 points) to close the day at 8,315.55 points.

The S&P SL20, representing the top 20 companies traded on Colombo Bourse, which started at 2,744.54 points, lost 0.42 per cent (11.50 points) to close at 2,733.04 points. The Colombo Stock Exchange saw a daily turnover of Rs 1.56 billion on Friday (27) lower than Rs 1.62 billion recorded the previous day.

The Colombo Bourse witnessed a foreign outflow worth Rs 41 million on Friday (27) as foreigners sold shares worth Rs 63 million as against purchases of Rs 22 million. 

More than 103.29 million shares changed hands on Friday (27) during 17,079 trades that took place.

Shares of nearly 247 companies were traded during the day of which 109 emerged as losers comfortably ahead of 69 winners. John Keells Holdings, Sampath Bank, Hayleys, Hatton National Bank and Lanka IOC dragged the benchmark index down despite attempts by LOLC Holdings, Browns Investment, Browns & Company, Amana Bank and SMB Leasing to push it up.

The top ten losers were: e-Channelling, York Arcade, Abans, Unisys, Merchant Bank, Hapugastenne Plantations, Malwatte Plantations (non-voting), Galadari, LVL Energy and Ceylon Tea Brokers.

Top winners were: SMB Leasing (non-voting), Blue Diamonds (non-voting), Lankem Development, Laugfs Power (non-voting), Laugfs Gas (non-voting), Blue Diamonds, Amana Bank, Browns, Durdans and Sigiriya Village.

By Mario Andree