Colombo stock market suffers weekly dip of 4.5%

The Colombo stock market yesterday suffered one of the steepest falls in recent months, triggering a 4.5% dip for the week.

The All Share Index declined by 2.5% and the S&P SL20 dipped by 2.7% whilst turnover was Rs. 827.7 million. Foreigners remained active closing as net sellers and total foreign sales accounted for 59.4% of the turnover.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as Ceylon Tobacco Company, John Keells Holdings and Sri Lanka Telecom.

During the week, the ASPI and the S&P SL20 lost 4.47% and 5.79% respectively whilst recording an average daily turnover of Rs. 513 million.

High net worth and institutional investor participation was noted in John Keells Holdings and Vidullanka. Mixed interest was observed in Commercial Bank and Sampath Bank whilst retail interest was noted in Access Engineering and Commercial Bank nonvoting.

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 3.24%. The share price of John Keells Holdings decreased by Rs. 4.70 (3.25%) to close at Rs. 140.10. 

Banks sector was the second highest contributor to the market turnover (due to Commercial Bank and Sampath Bank) whilst the sector index decreased by 2.61%. The share price of Commercial Bank lost Rs. 1.30 (1.60%) to close at Rs. 79.70. The share price of Sampath Bank recorded a loss of Rs. 1.30 (0.85%) to close at Rs. 152.50.

Vidullanka and Browns Investments were also included amongst the top turnover contributors. The share price of Vidullanka moved up by Rs. 0.10 (2.33%) to close at Rs. 4.40. The share price of Browns Investments declined by Rs. 0.50 (12.50%) to close at Rs. 3.50.

Trans Asia Hotels announced its interim dividend of Rs. 0.50 per share.