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Sri Lanka stocks down 7.65-pct on renewed Coronavirus fears

ECONOMYNEXT – Sri Lanka stocks plunged 7.65 per cent at close on Monday as renewed coronavirus fears emerged, provisional data showed.

A new cluster of Coronavirus infections is developing in the Gampaha district bordering the capital Colombo where three towns are so far under lockdown.

The stock fell amid fears of a general lockdown which may hit companies and the economic activities.

Up to October 05 mid-day around 70 confirmed patients had been found after the first found on Saturday night.

But Sri Lanka has a well-oiled system of tracing and quarantine which had killed emerging clusters before.

Colombo’s All Share Price Index (ASPI) plunged 492.99 points to close at 5,587.17.

The S&P SL20 index of more liquid stocks fell 7.26 per cent or 178.24 points to close at 2,276.19.

Market turnover was 268.7 million rupees while 4 stocks gained and 225 made losses.

Stocks which contributed most to ASPI’s was Carson Cumberbatch, falling to 263.70 rupees a share (55.30 per cent) from 319.00 rupees.

Other stocks which contributed to ASPI’s fall were Distilleries Company of Sri Lanka stocks last traded at 17.00 rupees down from 19.10 rupees a share while Nestle Lanka stocks plunged to 1,070.50 rupees a share (126 per cent) from 1,196.50 rupees.
(Colombo/Oct05/2020)

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