Colombo shares drop amidst large ODEL in-house deal

Colombo shares fell on Wednesday on the back of net foreign sales and negative sentiments that were reflected across the board, analysts said. The ASPI eased by 24.90 points to close at 6,973.03 points while the S&P SL index depreciated by 15.86 points to close at 3,961.31 points. ODEL was the top contributor for the day, aided by two in-house negotiated deals on the stock with the counter contributing some 76 per cent to the day’s turnover, which was at Rs. 2 billion. Analysts said that interest was also evident on banking sector counters like NTB, Seylan and Sampath. The three counters entered the top turnover list for the day, an analyst said, adding that high net worth and institutional investors were more active during today's trading compared to retail investors. Foreign investors emerged net sellers generating a net foreign outflow of Rs. 5.59 million with price losers outnumbering gainers. Some107 counters depreciated and 58 counters appreciated in price.