Market plunges deeper

The market plunged deeper into negative territory as panic selling continued to dampen investor sentiment.

The main market indices lost ground for ninth day running with the Colombo benchmark index, the All Share Price Index (ASPI) going into a free fall after the first hour of trading to crash below 5,000 points.

The ASPI however recovered marginally towards the end of trading to end the day at 5,009.96 points, plummeting by 3.65% (190.02 points) over Monday’s close. The Milanka Price Index (MPI) lost 3.77% (170.37 points) during the day to close at 4,353.80 points.

Market turnover improved considerably to record a value of Rs.2, 445.67 million on the back of four off the floor trades in Commercial Bank and the higher activity seen due to the panic selling that continued throughout the trading session.

The top turnover generators for the day were Commercial Bank of Ceylon PLC (COMB), John Keells Holdings PLC (JKH), Sampath Bank PLC (SAMP), Colombo Land and Development Company PLC (CLND) and Hayleys PLC (HAYL). The top five turnover generators accounted for circa 64% of the total market turnover.

SC Research