Stock market dips over 300 points

The Colombo bourse slipped more than 300 points yesterday (the steepest index dip since 2ndFeb 2021), partly owing to booking profits and panicked selloffs whilst bargain hunters took positions and continued the accumulation spree. The All Share Price Index declinedby328.5 points (-3.6%) to close at 8,764.2 whilst the S&P SL20 Index also decreased by 102.4 points (-2.3%) to close the day at 3,313.0. Expolanka Holdings, LOLC Holdings, Browns Investments, LOLC Development& Finance and Commercial Leasing& Finance remained as the top negative contributors to the ASPI during the day. Further, the broader market’s total turnover stood at Rs.10,439.5 mn against the 12-month average daily turnover of Rs.3,894.0 mn, whilst the volume traded for the day was 489,716.2k against the 12-month average daily volume of 213,142.1k. Transportation, Capital Goods and Food and Beverage sectors mostly contributed to the day’s turnover.

The top traded counters for yesterday were Expolanka HoldingsRs.3,674.0 mn (-6.7%),Browns Investments Rs.2,151.8 mn (-10.6%), LOLC Holdings Rs.619.1 mn (-7.9%),Hatton National Bank (Non-Voting)Rs.590.9 mn (+0.0%)andHayleysRs.508.8 mn (-7.8%). Further, an off-board transaction was witnessed in Hatton National Bank (Non-Voting)(Rs.591.0 mn)yesterday.

Additionally, Mercantile Shipping, Industrial Asphalts, Sinhaputhra Finance, Nation Lanka Finance and SMB Leasing were the top price gainers yesterday whilst Merchant Bank, Udapussellawa Plantations, Beruwala Resorts and Browns Investments were the top price losers. Further, Browns Investments, Nation Lanka Finance, SMB Leasing (Non-Voting), Expolanka Holdings, SMB Leasing and Tess Agro were amongst the most actively traded stocks yesterday.

Additionally, Sri Lanka’s parliament passed the new SEC act and the tax amnesty bill on Tuesday (07). Meanwhile, as the country tries to keep the hammered tourism industry players afloat, Sri Lanka welcomed 5,040 tourists in August 2021, up from zero a year earlier whilst total arrivals till Aug’21 stood at 24,377 (-95% YoY).