Sri Lanka’s top listed firms take a bow as stock market plunges

Sri LankaStocks
By Editor_1
Investors react at the Colombo Stock Exchange in Sri Lanka March 9, 2016 - Dinuka Liyanawatte/ REUTERS
0

COLOMBO – The value of Sri Lanka’s top listed companies have fallen sharply as the stock market plunged this week, as concerns over a 7% rate hike, the government’s decision to delay repayment of foreign debts, and sovereign credit rating downgrade weighed on investor sentiment.

With trading ending after a few minutes of action on Monday (25) and Tuesday (26), official data showed the erosion of 599 billion market cap in the two days.

Expolanka Holdings, which has a significant component of export and freight business that was closed at Rs 150 a share on April 8, fell 33.8% to Rs 99.30 a share on Tuesday. Diversified John Keells Holdings, which closed Rs 140.25 a share on April 8, fell 15.7% to Rs 118.25 a share.

The Colombo Stock Exchange closed the market in an unprecedented move to allow investors to take rational decision, but many investors and analysts criticized the CSE for delaying the fall.

“Had the CSE allowed the market to open last week, these shares would have at least gone through the worst by now,” an analyst said.

LOLC Holdings, the top financial firm, fell 31.9% from Rs 395.50 two weeks ago to close at Rs 269 on Tuesday, while its subsidiary LOLC Finance closed at Rs 5 on Tuesday after falling 36.7% from Rs 7.90.

Ceylon Tobacco Company closed at Rs 566 a share falling 15.3% from Rs 668, Sri Lanka private owned telecommunication provider Dialog Axiata fell 6.25% to close at Rs 9 rupees a share, while Browns Investment fell 32.7% to close at Rs 4.10 a share, and Sri Lanka Telecom closed 2.5% lower at Rs 31 a share.

In the financial sector, Commercial Bank of Ceylon closed 12.7% down from two weeks ago at Rs 50 rupees a share while Sampath bank closed 10.8% down from two weeks earlier at Rs 35.30 a share.

Distilleries closed 4.4% down from two weeks earlier at Rs 13 a share.

-economynext.com

 

Editor_1
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