The Colombo stock market’s struggle amidst the impact of COVID-19 persisted yesterday in a second day of drama, though the fall was dented by a late recovery in buying sentiments.
The CSE finished the day with the All Share Price Index down 3.29% or 144 points to close at 4,247 points and S&PSL20 Index by 4.26% or 75 points to close at 1,685 points. The finish was better, reflecting a gain of 24 points in ASPI and 18 points by S&P SL20 from intra-day lowest level.
The market lost a further Rs. 67 billion in value, bringing the total for two days to Rs. 151 billion, and extending the loss in market capitalisation since 6 March to over Rs. 500 billion.
Within 10 minutes of market opening, the S&P crashed by 5%, triggering the circuit breaker. After a 30 minute cooling period, trading resumed. Turnover was Rs. 3.64 billion with 193.3 million shares traded thanks to a previously announced Rs.3 billion related party deal, involving controlling stake of Watawala Plantations PLC. Beginning trading after 7 weeks of shutdown, the CSE on Monday closed within 38 seconds, with S&P SL20 index falling 10%.
(FT)