Blue chip shares hit by market volatility

By Hiran H.Senewiratne

Due to volatility in the market yesterday, prices of certain blue chip company shares came down. This was the result of selling pressure from investors trading at the Colombo Stock Exchange (CSE), market sources said. Since most stock markets in the Asian region are down some foreign investors are exiting Asian markets to invest in stocks in US markets.    

Sri Lanka stocks were trading 0.34 percent lower by noon yesterday on selling interest in Sampath Bank, Dialog and Distilleries, while the rupee fell to a new low of  Rs. 171.35/45  against the US dollar, market participants said.

Colombo’s All Share Index was trading 0.34 percent lower, down 19.95 points at 5,852.07, and the S&P SL20 index of more liquid stocks was 0.66 percent lower yesterday, down 19.83 points to 2,967.59.

Sampath Bank  per share  was down Rs 7 to  Rs 229.7, Dialog was trading 20 cents lower at Rs 11.8  and Distilleries was down 30 cents at Rs 17.5.

Nations Trust was down Rs 3.8 rupees to Rs 86.2  and Aitken Spence fell by Rs  2  to Rs 44 .

Market turnover was  Rs 301,776,606.50 with 58 stocks declining by noon against 21 that gained.

The rupee was trading lower at Rs  171.35/45  against the US dollar in afternoon spot market trading. The currency ended the previous day at 171.20/40 against the greenback.

Gilt yields edged lower in the secondary market.

A three-year bond maturing in 2021 was trading at 11.10/25 percent by yesterday, against the previous close of 11.10/30 percent.

Meanwhile, JKSB reports -

ASPI: 5,838.48 (-33.54 pts; -0.57%); Val T/O: Rs. 302mn (US$1.77mn); Vol T/O: 9.5mn; Trades: 2,286

Advance/decline ratio: 55/90; Top gainer: CSF.N (+14.29%) ; Top loser: AINV.N (-50.00%)


*The ASPI ended lower amid weak market turnover with most sectors witnessing declines. SAMP, CTC, and KZOO led activity levels including crossings with trading in SAMP amounting to 63% of total turnover.

*Banks, Finance, & Insurance was the most actively traded sector (-0.69%)

*Healthcare was the best performing sector (+1.26%), supported by gains on NHL.N (+2.27%)

*Investment Trusts was the worst performing sector (-2.29%), dragged down by declines on CINV.N (-3.26%)

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