Sri Lanka stocks close down 0.14-pct: Lack of direction for investors
Sep 15, 2015 (LBO) – Sri Lankan stocks closed down 0.14 percent on Tuesday following with low investor sentiment and losses in index heavy stocks, brokers said.
The Colombo benchmark All Share Price Index closed down 10.01 points at 7,152.43 lower 0.14 percent.
S&P SL20 closed 4.48 points lower at 3,915.15 down 0.11 percent.
“There seems to be a lack of direction for investors in terms of policy as the government is still new,” Lanka Securities said.
Turnover was 613 million rupees, down 696 million rupees, Monday with 70 stocks closing positive against 88 negative.
The main index showed losses in Carsons and Cumberbatch closing at 395.00 rupees, down 5.00 rupees and Dialog Axita closing at 11.20 rupees down 0.10 rupees.
Hemas Holdings closed 87.00 rupees, down 1.40 rupees.
Some banking stocks also made losses with Commercial Bank closing at 167.90 rupees, down 0.10 rupees and DFCC Bank closed at 183.10 rupees, down 1.70 rupees.
John Keells Holdings closed at 174.10 rupees, up 0.10 rupee while JKH warrant 22 closed at 8.60 rupees, down0.40 rupees with the warrant hitting a all time low price of 8.20 during the day’s trading.
The global financial markets are entering in to a period of hightened level of volatility + risk.This could also neans higher profits or higher losses can be associted with various moves in various types of financial msrkets.
Thus the situation it self may not be a bad or good thing but will cretainly is changing the ball park including the rules.
SL stock market lacks depth. once remember seeing a list of 10 people who basically control the movements. add the foreign funds to that (few in number) and we can apply parato theory.
good markets are deep – few people cannot move or shake them. lot of people will hold shares and there will be no major holders. apply something like the JKH share holding to the market and then it will be better for all.
BUT Sl market is a farce. how many of the 250 odd companies actually trade in substantial numbers. how many of the companies have an adequate public float. easiest market to manipulate if u know the correct ear to whisper LOL.