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Last Updated : 2024-04-18 08:55:00
The Colombo Stock Exchange (CSE) recorded the second highest turnover yesterday in its history amid increased local investor activity, though both indices ended in red, due to price declines in several key counters.
The turnover for the day topped Rs.23.7 billion, highest since April 1, 2008. However, the benchmark All Share Price Index (ASPI) lost 101 points or 1.17 percent to close at 8,567.07 points while the more liquid S&P SL20 index fell 2.14 percent or 75.03 points to close at 3,439.15 points.
Browns Investments PLC accounted for 71 percent of yesterday’s turnover, as its parent Browns & Company PLC purchased 18.33 percent of ordinary voting share ownership of Brown Investments.
Meanwhile, the year-to-date turnover topped Rs.209 billion with a daily average turnover of Rs.11.02 billion. The CSE also witnessed the largest single-day volume of 2,868,073 shares yesterday.
“The ASPI closed in red as a result of price losses in counters such as LOLC Holdings, LOLC Development Finance and Commercial Bank, with the turnover crossing Rs.23.7 billion,” NDB Securities said.
“Mixed interest was observed in LOLC Holdings, Royal Ceramics and Dipped Products, whilst retail interest was noted in Sampath Bank, Vallibel One and Expolanka Holdings. Foreign participation in the market remained at subdued levels with foreigners closing as net sellers,” they added.
Total foreign purchases for yesterday amounted to Rs.150 million while the total foreign sales were at Rs.532 million. Yesterday’s total foreign activity amounted to mere 1.4 percent.
Despite the unprecedented levels of local activity, foreign investors have been continuously cutting their exposure to the CSE. The foreign net outflow year-to-date topped Rs.8.8 billion as of yesterday. Foreigners net sold over Rs.50 billion worth of stocks in 2020.
T.H.J. Pieters Tuesday, 02 February 2021 06:51 PM
The Colombo Stock Market seems to be manipulated by a few big players betting with borrowed monies and looks more like a casino. Today the ASI came down over 500 points to just above 8000 the steepest fall since the start of the pandemic and don't be surprised it crashes further to below 7000 levels
Bernard Tuesday, 02 February 2021 07:05 PM
Today, the 2nd February saw the steepest decline of both indices of the Stock Market in its history, not profit taking but due to inconsistent policy decisions of the government.
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