Hat Trick as Colombo stocks hit 2018 lows for 3rd straight session

June 20, 2018 (LBO) - Colombo stocks continued their decline hitting the 3rd consecutive day of new lows for 2018. The ASPI was down was down .76%, and the S&P SL 20 was down 1.23% on the day. The indices are down 2.4% and 6.6% on the year respectively. Turnover was an anaemic Rs341mn (US$2.1mn) on one of the least active days of the year. There was net foreign selling of Rs31mn (US$195,000) on the day. National Development bank was off 6% after announcing a heavily discounted rights issue. The Rs6.2bn cash call is likely to drain liquidity out of the market during a time when there appears to be very little.