Colombo bourse shows persistent bearish momentum

The Colombo equities continued the bearish momentum for the third consecutive session on Tuesday amid notable depreciation in rupee.

The Central Bank stopped intervention on rupee on last Friday and floated the currency which led to a 2.1per cent fall within two days, analysts said. By mid day, the main All Share Index declined significantly by 13 per cent to 7,140.15 falling below the 7,200 mark while S&P SL 20 Index declined 0.25 per cent to stand at 33,921.30 on a Rs. 140.7 million turnover.

 The losses were mainly driven by price depreciations in primary blue chips. oreign investors remained as net buyers. Foreign accumulation was seen on Hayleys, Central Finance Company and John Keells Holdings.

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