ASPI crashes; drops below 6,000

Monday, 26 August 2013 00:00 - - {{hitsCtrl.values.hits}}

Softlogic Stockbr-okers said the market last week saw a steep downtrend this week as the ASPI dipped 282 points on a WoW basis amidst strong selling pressure on three large blue chip counters namely John Keells Holdings, Nestle and Ceylon Tobacco. Selling pressure accelerated as the week passed by as the ASPI dipped below psychological 6,000 mark. “It is important that investors understand that the market dip is primarily led by three selected large cap counters of which the appreciation in value was unwarranted. We believe that investors should use this period as an opportunity to accumulate value counters which we believe exist in the banking sector and energy sector,” Softlogic Stockbrokers added.

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