Colombo shares down on budget fears

2 February 2015 - 117   - 0

Colombo bourse, which recorded its worst drop in four years as investors reacted to the “super gain tax” proposed last Thursday at the mini budget, saw a fresh wave of panic selling during early trading on Monday. Analysts said that since it is a short trading week, this week's trading will also be sluggish. They added that several taxes knocked on blue-chip companies drove the index down 52 points by 10.35 am. The propose tax may impact close to thirty listed companies which represents almost 60 per cent of the market capitalization. Core index, All Share was down 0.67 per cent standing at 7,128.47 with S&P SL 20 index showing a 1.22 per cent loss to stand at 3,913.98 on a Rs.305.4 million turnover at this time. Importantly, analysts said that the market PE has dropped to 14.0x and the price declines create a good buying opportunity for the bargain hunters to collect blue-chips at relatively cheap prices.

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