Colombo shares drop on false social media messages

Business

Colombo stocks recorded marginal losses on Wednesday on comparatively moderate turnover mirroring the day before on deceptive endorsements by high networth investors informing retailers to sell out and make profits on certain shares, analysts said.

“They created fear anticipating buying lower on certain shares and to make a quick profit,” one source said.

Asian Alliance Insurance recorded Rs. 556 million turnover pushing its share price by 11.8 per cent Rs.146 despite the company confirming there is no price sensitive information with analysts saying this shows certain high networth traders are pushing the prices up.

On a Rs. 5.34 billion turnover, the ASPI was down 144.42 points to close at 13,065.75 and the S&P dropped by 47.94 points to close at 4,487.

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