Colombo stocks see some more forced selling
2008-10-23 11:05:35

Colombo stocks at Thursday’s opening saw some more forced selling of retail investor shares by their brokers which is seenl continuing throughout today, according to stock analysts.

“As such the market is set to further come down,” Vajira Premawardhana, Executive Director, Lanka Orix Securities said. Distilleries was also showing some selling pressure in the morning with analysts saying that this is largely to do with investors anticipating its holding company, SLIC’s Supreme Court judgment on the fundamental rights case. Distilleries was 25 cents down to Rs 54.75 in early trade.

“There is also talk about a similar case being filed about South Asia Gateway Terminal ((SAGT)) privatisation to JKH which has got the investors alerted,” a stock analyst said. He also said that some foreigners were interested in selling JKH stocks during the past three days. “These are the reasons why it came to Rs 64 levels,” he added. The share stood at Rs 65.50 during early trades. The All Share Index was down 27.84 points to 1871.47 during early trades with Milanka standing at 2093.32 losing 33.85 points. The turnover was at Rs 41 million at the time.
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