• Thu. Jul 25th, 2024

Power cuts and fuel shortages drive ASPI to a five and half-month low

Colombo Bourse dropped down for the second day while recording the highest intraday loss in four and half weeks amidst the uncertainties attached to the aggravated power cuts and fuel shortages.

“Following a panic selling by retailers, the index displayed a continuous decline and was dragged down below the 10,000 level. Towards the end, market was halted for 30 minutes since S&P SL20 index dropped over 5.0% from the previous close as pressure from margin providers got escalated,” FIrst Capital Research stated.

Eventually, ASPI ended the session at five and half-month low closing of 9,648, losing 495 points. Turnover of Rs. 2.7 billion was led by Transportation and Diversified Financials sector with a joint contribution of 40%. Foreign investors remained net buyers while recording moderate participation.

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