Colombo shares on Tuesday drop on selling speculative stocks

Business

Colombo stocks dropped at Tuesday’s close with traders chasing certain counters on unsubstantiated speculation, triggering massive turnover.

The last hour of trading saw retailers selling speculative stocks heavily, analysts said.

"Nothing price sensitive happened in these shares but retailers were acting on speculation," an analyst said.

Softlogic Capital came down by 6.2 per cent to close at Rs. 18.20 generating a turnover of Rs. 1.6 billion. Softlogic Holdings generated Rs. 687 million turnover to close at Rs. 69 down 6 per cent. Asian Alliance was down 14.4 per cent to close at Rs.186 generating a Rs. 1.5 billion turnover.

The All Share Price Index was at 12,922 points, down by 87 points with the S&P SL 20 down by 59 points to close at 4, 338 on Rs. 9.7 billion turnover.

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