Colombo stocks see selling by retailers
Colombo stocks opened on Tuesday amid patchy movements in the morning with stock analysts saying many retailers are on the selling mode which will be seen throughout the day.
John Keells Holdings (JKH), under severe strain after the LMSL judgment, led the negative trends with 647, 900 shares trading at Rs 68.50 per share, down Rs 1.25 from previous levels. Asiri Surgical saw a huge stock of three million shares in 18 parcels moving at Rs 7.25. By noon the share was up 25 cents to Rs 7.50.
”The retailers are coming down on the prices and selling their shares,” Vajira Premawardhana, Executive Director, Lanka Orix Securities said, adding that retailers who had bought shares on credit are being forced to sell by their brokers. The All Share Index was down by 28.14 points to 1,939.75 while the Milanka eased by 36.22 points to 2,174.23 just after noon. Turnover was Rs 181 million at the time.