Shares crash to 3-week low

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Despite a slight turnaround on the previous market day, the Colombo Stock Exchange lost ground on Friday (3) as the benchmark index slipped to a three-week low on a relatively modest turnover with foreign exits from the Bourse.

The benchmark All Share Price Index, which started the day at 8,099.51 points on Friday (3), lost 0.55 per cent (44.74 points) to close the day at 8,054.77 points, its lowest since 12 May.

The S&P SL20, representing the top 20 companies traded on Colombo Bourse, which started at 2,671.72 points, lost 0.90 per cent (24.05 points) to close at 2,647.67 points.

The Colombo Stock Exchange saw a daily turnover of Rs 1.3 billion on Friday (3), lower than Rs 1.44 billion recorded the previous day.

The Colombo Bourse witnessed a foreign outflow worth Rs 5 million on Friday (3) as foreigners sold shares worth Rs 16 million as against purchases of Rs 11 million. 

More than 80.7 million shares changed hands on Friday (3) during 11,366 trades that took place.

Shares of more than 236 companies were traded during the day of which 93 emerged as losers ahead of 84 winners.

LOLC Holdings, Ceylon Tobacco Company, Expolanka Holdings, John Keells Holdings and Browns Investments dragged the benchmark index down despite attempts by CT Holdings, Hemas Holdings, Aitken Spence, Kelani Tyres and Dialog Axaita to push it up.

Top ten losers during the day were: Industrial Asphalt, Mercantile Shipping, Eden Hotel Lanka, Jetwing Symphony, LVL Energy, Lighthouse Hotels, Beruwela Resorts, Tess Agro (n0n-voting), Prime Residencies and Cargo Boat.

The winners were: Blue Diamonds (non-voting), Nation Lanka Finance, Blue Diamonds, Orient Finance, Myland Developments, Kapruka, Shaw Wallace, HVA Foods, HDFC Bank and Lotus Hydro.

By Mario Andree