Colombo shares see high turnover amidst SC’s pending decision 

Sri Lanka’s stock market was up on high turnover generated by ODEL transfers at Tuesday’s close at 2.30 pm amidst a three judge bench of Sri Lanka's Supreme Court (SC) order pending on the decision of whether dissolving the legislature was legal. 

Later in the evening, at around 6 pm, the court temporarily suspended the Presidential gazette dissolving Parliament pending the hearing of several petitions challenging President Maithripala Sirisena’s November 8 decision to dissolve parliament and call a parliamentary poll in mid-January 2019. The petitions will be heard early next month.

The main All Share Price Index was up by 0.02 per cent to stand at 5,981.21 points at close with liquid S&P up by 0.06 per cent standing at 3,104.06 points on a Rs. 6.2 billion turnover. ODEL, a subsidiary of Softlogic Holdings Ltd (SHL), saw 92 per cent of the company amounting to 249 million shares trade on Tuesday on a turnover of Rs. 6.2 billion at the Colombo Stock Exchange (CSE). Analysts said it is believed to be an inter company transfer. In the morning, by 10.30 am it saw Rs. 3 billion worth of trades. SHL has 97 per cent in ODEL. Traders expect share prices to drop tomorrow owing to the SC decision. (DEC)