By Duruthu Edirimuni Chandrasekera
Colombo stocks recorded marginal losses for four days straight this week with declining turnover which stockbrokers attributed to deceptive social media endorsements by certain high networth investors leading the Twitter, WhatsApp ‘game’.
“There was misleading information on fundamentally string stocks,” a stock broking company CEO said.
They were informing retailers to sell out and make profits on certain shares, another stockbroker said alleging that these moneyed traders created fear anticipating buying lower on certain shares to make a quick profit. Analysts said that certain high networth traders were seen pushing the prices down in dollar earning counters.
“Some high networths had got latest shareholder lists of dollar income earning stocks and pointed at large shareholders of these companies selling their shares in these messages. This had turned sentiments of a large trader base who sold these shares,” an analyst said.