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Stock market dip persistsReuters: Shares fell to a more-than-one-week low on Thursday led by illiquid shares such as Ceylon Tobacco Company Plc and Commercial Leasing and Finance Plc in low-volume trade while many investors and brokers stayed away ahead of holidays, dealers said. The index ended 0.21% down at 6,899.29 on Thursday, its lowest close since 31 March. Shares in Ceylon Tobacco fell 0.97%, while Commercial Leasing and Finance declined 4.76%. Both shares fell on just one trade each. “Market is down on illiquid shares. But the turnover was good,” said research manager at First Capital Equities Ltd. Dimantha Mathew, adding that blue-chips like John Keells Holdings and Commercial Bank of Ceylon Plc boosted the turnover. The day’s turnover was Rs. 657.6 million ($ 4.95 million), just above half of this year’s daily average of Rs. 1.12 billion. The market will be closed on 13 and 14 April for the traditional Sinhala and Tamil New Year holiday. The index had lost 6.6% last month, its biggest monthly drop since October 2012, as investors sold their holdings to settle margin trades amid concerns about political stability and a rise in interest rates. Yields on T-bills rose at Wednesday’s auction by 1 to 15 basis points after it had fallen between 55 basis points and 63 basis points in the three weekly auctions through 1 April. Analysts expect trading to stay thin through mid-April ahead of the New Year holiday and amid political uncertainty. Shares in John Keells Holdings Plc fell 0.20% while Commercial Bank of Ceylon Plc fell 0.36%. |
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