FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» Misuse of government property by Royal Colombo Golf Club
by ChooBoy Today at 12:52 pm

» SL Cauvery and Mannar Basins Petroleum Resource Data Revealed
by samaritan Today at 12:00 pm

» Expolanka to continue its winning streak
by samaritan Today at 10:39 am

» Container shipping stocks routed
by target1 Yesterday at 1:32 pm

» Supply Chain Latest: Ocean Freight Rates Are Falling
by target1 Yesterday at 1:26 pm

» Turkish ship leaves Ukraine's Mariupol after grain talks with Moscow
by target1 Yesterday at 11:29 am

» This week's CBOT corn, soy freefalls hard to match in recent years
by target1 Yesterday at 9:57 am

» Positive news to boost market sentiment
by samaritan Yesterday at 9:52 am

» Maharaja at IMF meeting
by Maharaja Thu Jun 23, 2022 10:35 pm

» Why no power cuts in certain areas of Colombo?
by samaritan Thu Jun 23, 2022 5:44 pm

» India assures fullest support to Sri Lanka as a close friend
by samaritan Thu Jun 23, 2022 5:17 pm

» SINS, SAMP, COMB, PARQ, ALUMEX and AEL - are they good shares to start collecting now?
by surfjj Thu Jun 23, 2022 4:25 pm

» Learn how a fixed exchange rate system can be used to reduce inflation.
by target1 Thu Jun 23, 2022 3:35 pm

» Debt Crisis: Sri Lanka Vs Argentine
by CHRONICLE™ Thu Jun 23, 2022 8:17 am

» Sri Lanka in state of panic 1 month after sovereign default
by reyaz Tue Jun 21, 2022 5:23 pm

» Financial stability - we are at the crossroads.
by sheildskye Tue Jun 21, 2022 2:17 pm

» Shrinkflation: Is it ethical?
by sheildskye Tue Jun 21, 2022 2:05 pm

» Banking bullish billionaire Ishara expands footprint
by samaritan Tue Jun 21, 2022 10:58 am

» SL hopes to finalize a staff level program with IMF soon-RW
by samaritan Tue Jun 21, 2022 9:48 am

» Sri Lanka Stock Market heading toward ASPI 4500
by samaritan Tue Jun 21, 2022 9:29 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka stock index falls after touching new peak on CLC amid dumping of speculative shares

Sri Lanka stock index falls after touching new peak on CLC amid dumping of speculative shares

Go down  Message [Page 1 of 1]

CITIZEN

CITIZEN
Manager - Equity Analytics
Manager - Equity Analytics

[size=18]ECONOMYNEXT – Sri Lanka stock index touched a fresh all-time peak again on Tuesday(09) but retreated with the biggest fall in two months dragged down by the market heavyweight Commercial Leasing and Finance (CLC) as well as dumping of some speculative shares, brokers said.
The Colombo benchmark All Share Price Index (ASPI) touched a fresh all time high for the first time
crossing 10,886.92 points within the first 15 minutes into trading, but closed at 2.44 percent or 259.60 points
down at 10,361.80.

The S&P SL20 index of more liquid stocks, fell 1.26 percent or 45.88 points to close at 3,604.06.
The day’s turnover was 12.2 billion rupees, more than triple of this year’s average daily turnover of over
4 billion rupees.

“CLC was the main reason for the fall, while we saw some speculative shares which were not fundamentally sound were dumped after taken to a higher price,” a broker said.
“Investors should be careful and identify these shares. Already this market has seen how the pump and dump deals burnt retail investors in this country. The Securities and Exchange Commission should be more proactive in keeping all investors informed.”
On Monday also CLC dragged the market down after a top Colombo Stock Exchange official in response to a question asked by a Sri Lankan investor on CLC in a Dubai forum said that companies without enough free float can be penalized.
The top official, CEO Rajeeva Bandaranaike told ECONOMYNEXT on Tuesday that he had been misinterpreted and that he did not talk about the new SEC act.
Bandaranaike said that he talked about the way illiquid shares are handled now and if there is a violation of public float those shares will be moved to a second board.
Shares in CLC, which brokers said does not have an adequate free float, nosedived 10.12 percent to close at 64.8 rupees a share.
Foreign investors, however, bought a net of 47.9 million rupees’ worth of shares, extending the net
foreign inflow to 46.0 billion rupees so far this year.

Brokers had expected foreign investors to exit after Moody’s Investor Service downgraded Sri Lanka’s
sovereign credit rating last week to near default category.

Other stocks that dragged ASPI down are Expolanka and LOLC Finance.
LOLC Development Finance fell 16.08 percent to close at 486.75 rupees a share while Expolanka Holdings fell 3.50 percent to close at 199.75 rupees.
The bourse saw 66 stocks gaining against 149 falling on Tuesday.(Colombo/Nov 09/2021)
[/size]
Tags:
COLOMBO STOCK EXCHANGE

Leave a Comment

Your e

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum