Home / Financial Services/ CSE extends fall to over 1 month closing low; communal violence weighs

CSE extends fall to over 1 month closing low; communal violence weighs

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 8 March 2018 00:07

Colombo (Reuters): Sri Lankan shares fell for a third straight session on Wednesday and posted their lowest close in more than a month amid investor concerns about continued communal violence.

Buddhist mobs attacked mosques and businesses belonging to the minority Muslims overnight, despite the imposition of a state of emergency to restore peace in the bitterly divided island.

The telecom regulator on Wednesday blocked social media networks such as Facebook, Viber and WhatsApp across the country for three days to prevent the spread of communal violence, officials said. “Investors are really worried about the continued violence,” said Acuity Stockbrokers CEO Prashan Fernando.

“The market thought the violence was under control yesterday but it continued today as well. Investors will wait until there is a peaceful situation.” Trading was thin as most investors stayed on the sidelines. Turnover was 371 million rupees ($2.39 million), less than half of this year’s daily average of around 950 million rupees.

The Colombo stock index ended 0.45% weaker at 6,503.86, following a 0.28% drop last week. Foreign investors bought a net 27.9 million rupees worth of shares on Wednesday, extending the year-to-date net foreign inflow to 6 billion rupees worth of equities so far this year.

Nestle Lanka PLC fell 3.8%, Commercial Bank of Ceylon slipped 1.5%, Sampath Bank PLC dropped 2.7% and Commercial Leasing and Finance PLC declined 6.7%.

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Overcoming the crisis: The second freedom struggle

Friday, 14 December 2018

The crisis that has been developing in Sri Lanka, manifesting itself in varied forms at different times since independence, has now taken the form of a constitutional crisis, threatening the survival of the Sri Lankan State. Regardless of the Court

Getting more women in the workforce

Friday, 14 December 2018

The current female labour force participation in Sri Lanka is around 36%. This means that a disproportionate majority of women still remain outside the labour market, with limited or no access to wages, pensions and other benefits tied to gainful emp

Our chit-chat – Can conversations make a nation?

Thursday, 13 December 2018

We are living through fascinating times dominated by online conversations with offline taking backstage. From the Arab spring to Yellow vests in France, the online has proven its potential and power – be it destructive or constructive! A reading o

The vote, the verdict, and the TNA ‘backstop’: Beyond ’56

Thursday, 13 December 2018

“Leader of PLOTE and TNA MP D. Dharmalingam …stated that he believes that Ranil Wickremesinghe has handed in a written assurance of several promises. …The promises are said to include agreements on constitutional amendments, freedom for politi

Columnists More