Colombo shares drop on improved turnover

Business

Colombo stocks declined on Tuesday on an improved turnover of Rs.3.2 billion amidst good results posted during this quarter.

Some investors are worried about the potential Russian invasion of Ukraine which will slide the Asian markets in turn having a negative bearing on the Colombo bourse, analysts said.

Also the potential oil price hike will have a triple impact on all sectors while the Government cannot continue holding the interest rate and exchange rate and peg the dollar at the same time, they added saying it will shrink corporates' margins. They added that margin providers are gradually increasing rates and controlling single stock borrower limits which are prohibitive to traders.

Stockbrokers are also tightening their credit limits exacerbating the drop in the market, analysts pointed out.

The All Share Price Index was down by 106 points to close at 12, 364 with S&P SL down by 16.89 points to end at 4, 218.

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