Rumours are that the Colombo Bourse is on the verge of a collapse stemming from a predicted market correction although analysts say the present downslide could only be temporary.
The upmarket Milanka Price Index at the Colombo Stock Exchange fell sharply by about 5 % a while ago (10.30 am) on Wednesday prompting Exchange authorities to halt trading under the 'cooling off' period rule.
Both indices at Colombo bourse took a beating right from the start go on Tuesday morning as selling pressure continued to materialized throughout the day, analysts said.
Richard Pieris was the highest traded counter for the day. Aitken Spence came in at second, while Seylan Bank Non voting came in at third. John Keells Holding was the top contributor to daily turnover with Rs.605 million. Hayleys came in at second with Rs.4 million.
Analysts speculated that brokers have slowly started to unload debtors to the market and is trying to out do/out sell each other in to meet the credit granting timeline.
The All Share Price dipped 267.81 points to close at 6,566.79 points (-3.92%), whilst the Milanka Price Index also dropped 361.31 points to close at 7,141.72 points (-4.420%).
Turnover was Rs2.96 billion.
Richard Pieris was the highest traded counter for the day. Aitken Spence came in at second, while Seylan Bank Non voting came in at third. John Keells Holding was the top contributor to daily turnover with Rs.605 million. Hayleys came in at second with Rs.4 million.
Analysts speculated that brokers have slowly started to unload debtors to the market and is trying to out do/out sell each other in to meet the credit granting timeline.
The All Share Price dipped 267.81 points to close at 6,566.79 points (-3.92%), whilst the Milanka Price Index also dropped 361.31 points to close at 7,141.72 points (-4.420%).
Turnover was Rs2.96 billion.
The stockmarket has been seeing sharps 'ups' and 'downs' in post-war Sri Lanka with punters having a field day, making millions of rupees in speculative trades.
