Iinvestors sank their hotel sector stocks Tuesday

The Colombo Exchange went into the red as investors sank their hotel sector stocks Tuesday, the first day of trading since Sunday’s tsunami that wiped off most the Sri Lanka’s east and south coast. The Colombo Exchange went into the red as investors sank their hotel sector stocks Tuesday, the first day of trading since Sunday’s tsunami that wiped off most the Sri Lanka’s east and south coast. The south of the island is home to a significant stock of Sri Lanka’s hotel properties, including hotels in the John Keells, Aitken Spence and Jetwing chains along with properties managed by Adrian Zechas Aman Resorts and the Banyan Tree group.

Initial reports ae that most of the coastal hotels have suffered heavy damage.

Aitken Spence Hotel Holdings was the worst causality, losing Rs. 43.25 by afternoon, after opening at about Rs. 150.00 in the morning.

The hotel sector index was down a 100 points at 1432.08 by noon.

The All Share Index was down some 65 points at 1506.96. The liquid stock tracking Milanka Price Index was down 133 points so far at 2075.06.

The Colombo Stock Exchange says its Matara Investment Service Centre is active and was not damaged in Sunday’s tidal wave.