Colombo stock honeymoon over
2008-11-06 11:42:40

Colombo stocks opened on Thursday on a listless mode with stock analysts saying the world over stock market honeymoon brought about by Barack Obama’s landslide win in the US yesterday has come to an abrupt stop and that this crunch will be seen throughout for some weeks.

Yesterday some world markets toasted this win with high indices, but economic realities such as the US recession have come to the forefront, according to some analysts.

Mirroring the other markets the retailers here are selling heavily because they cannot hold the shares bought by them during the last few days as they do not have that holding power. As the settlements are now due they are selling,” Vajira Premawardhana, Executive Director, Lanka Orix Securities said, adding that the stock market will see more of this during the next coming weeks.

The All Share Index was down by 36.53 points to 1,925.67 while the Milanka eased by 26.19 points to 2,198.56 just before noon. Turnover was Rs 44 million at the time..