Colombo shares drop on misleading Whatsapp “recommendations”

Business

Colombo stocks recorded marginal losses on Tuesday on moderate turnover owing to misleading social media recommendations by high networth investors advising traders to sell out and make profits on certain shares, analysts said.

"Some high networths had got latest shareholder lists of dollar income earning stocks and pointed at large shareholders of these companies selling their shares in these messages. This had turned sentiments of a large trader base who sold these shares,” an analyst said.

Some other analysts said that month-end settlements kicking in also brought the market down.

On a Rs. 6 billion turnover, the ASPI was down 173.94 points to close at 13,210.11 while the S&P dropped by 92 points to close at 4, 534.94.

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