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Sri Lanka stock market halted after 5-pct fall

ECONOMYNEXT – Trading at Sri Lanka’s Colombo Stock Exchange was halted on May 12 after a sensitive index fell 5 percent about 10 minutes of trading as the country is hit by Coronavirus and monetary instability with central bank printing money despite running a peg.

Turnover was 203 million rupees.

The S&P SL 20 index of liquid stocks fell 5.03 percent as the first circuit breaker was hit.

There are also 30 minute circuit breakers at 7.5 percent and 10.00 percent.

On May 11 the 10 percent circuit breaker was hit after 38 seconds and trading closed.

Sri Lanka’s stocks are falling after the market was closed for 7 weeks. It is not clear why such a decision was taken.

Asian Hotels and Properties fell 21 percent to 20 rupees, Cargills Ceylon fell 5.8 percent to 160 rupees, John Keells Holdings fell 7.56 percent to 99.00 rupees, Commercial Bank was flat at 55.0 rupees, HNB fell 3 percent to 92 rupees and Sampath fell 3 percent to 97 rupees.

Ceylon Grain Elevators, which declared a dividend yesterday rose to 16 percent (6 rupees) to 42 rupees. (Colombo/May12/2020)