worst drop in four years!!!!!!!! 101 billion wiped out in a day

[poor boyActive Member]

EconomyNext - Sri Lankan stocks suffered their steepest fall in almost four years Friday, down 2.7 percent, with 101 billion rupees wiped out of stock values after the new government's interim budget imposed hefty taxes on big companies.

The 196.46 point drop in the All Share Price Index was the benchmark's biggest daily fall since the 14 February 2011 plunge of 204 points, exceeding the 2.9 percent (170.14 point) drop on 28 August, 2013.

The ASPI ended at 7,180.05 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, slumped 172.46 points or 4.17 percent to close at 3,962.24.

Turnover was just over two billion rupees.

Dimantha Mathew, Manager Research at First Capital Equities, said prices fell after a one-off 25-percent 'super gain' tax on firms earning over two billion rupees was announced in Thursday's government budget.

"After the budget, from the start the market started to decline mainly because of the 'super gain' tax which is going to affect all large cap companies which make most of the profit," he explained.

"When they get hit, the market naturally comes down."

Mathew said the top five losers - Dialog Axiata, John Keells Holdings, Commercial Bank, Ceylon Tobacco Company and Lion Brewery - accounted for 102 points in the ASPI's decline.

Friday's rout caused the Colombo Stock Exchange's market capitalisation to fall to 3,024 billion rupees from 3,125 billion rupees, wiping out 101 billion rupees of stock values.

But Mathew said the setback was temporary and that recent reductions in energy costs should help companies, especially in the manufacturing sector.

"This is a temporary set back," he said. "We're quite positive on the market especially on the manufacturing sector where there were heavy energy price cuts December and in the budget."

[bakapandithaya]

EconomyNext - Sri Lankan stocks suffered their steepest fall in almost four years Friday, down 2.7 percent, with 101 billion rupees wiped out of stock values after the new government's interim budget imposed hefty taxes on big companies.

The 196.46 point drop in the All Share Price Index was the benchmark's biggest daily fall since the 14 February 2011 plunge of 204 points, exceeding the 2.9 percent (170.14 point) drop on 28 August, 2013.

The ASPI ended at 7,180.05 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, slumped 172.46 points or 4.17 percent to close at 3,962.24.

Turnover was just over two billion rupees.

Dimantha Mathew, Manager Research at First Capital Equities, said prices fell after a one-off 25-percent 'super gain' tax on firms earning over two billion rupees was announced in Thursday's government budget.

"After the budget, from the start the market started to decline mainly because of the 'super gain' tax which is going to affect all large cap companies which make most of the profit," he explained.

"When they get hit, the market naturally comes down."

Mathew said the top five losers - Dialog Axiata, John Keells Holdings, Commercial Bank, Ceylon Tobacco Company and Lion Brewery - accounted for 102 points in the ASPI's decline.

Friday's rout caused the Colombo Stock Exchange's market capitalisation to fall to 3,024 billion rupees from 3,125 billion rupees, wiping out 101 billion rupees of stock values.

But Mathew said the setback was temporary and that recent reductions in energy costs should help companies, especially in the manufacturing sector.

"This is a temporary set back," he said. "We're quite positive on the market especially on the manufacturing sector where there were heavy energy price cuts December and in the budget."

MR ge bayyek da oya?

[Future123Active Member]

I predicted yesterday the drop will be over 100 points and it's almost 200 points. Will this continue next week as well?

[කිත්සිරි ද සිල්වාTop contributor]

Yes, if we have more panickers.  
(If you have spare cash, this is the time to grab a few good shares at sale price).  

I predicted yesterday the drop will be over 100 points and it's almost 200 points. Will this continue next week as well?

[poor boyActive Member]

Yes, if we have more panickers.  
(If you have spare cash, this is the time to grab a few good shares at sale price).  

I predicted yesterday the drop will be over 100 points and it's almost 200 points. Will this continue next week as well?

no I think next week market will be stable because market has adjusted enough to the current situation.

please not above post is from economy next web .

[slstockVeteran]

Later if I can muster time I will do post on this matter and what we can expect in the coming few days.

I figure it will be helpful to a lot.

Yes, if we have more panickers.  
(If you have spare cash, this is the time to grab a few good shares at sale price).  

I predicted yesterday the drop will be over 100 points and it's almost 200 points. Will this continue next week as well?

no I think next week market will be stable because market has adjusted enough to the current situation.

please not above post is from economy next web .

[econ]

It is good to see some price drops for so called blue chip companies which are mostly over priced.

[poor boyActive Member]

EconomyNext - Sri Lankan stocks suffered their steepest fall in almost four years Friday, down 2.7 percent, with 101 billion rupees wiped out of stock values after the new government's interim budget imposed hefty taxes on big companies.

The 196.46 point drop in the All Share Price Index was the benchmark's biggest daily fall since the 14 February 2011 plunge of 204 points, exceeding the 2.9 percent (170.14 point) drop on 28 August, 2013.

The ASPI ended at 7,180.05 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, slumped 172.46 points or 4.17 percent to close at 3,962.24.

Turnover was just over two billion rupees.

Dimantha Mathew, Manager Research at First Capital Equities, said prices fell after a one-off 25-percent 'super gain' tax on firms earning over two billion rupees was announced in Thursday's government budget.

"After the budget, from the start the market started to decline mainly because of the 'super gain' tax which is going to affect all large cap companies which make most of the profit," he explained.

"When they get hit, the market naturally comes down."

Mathew said the top five losers - Dialog Axiata, John Keells Holdings, Commercial Bank, Ceylon Tobacco Company and Lion Brewery - accounted for 102 points in the ASPI's decline.

Friday's rout caused the Colombo Stock Exchange's market capitalisation to fall to 3,024 billion rupees from 3,125 billion rupees, wiping out 101 billion rupees of stock values.

But Mathew said the setback was temporary and that recent reductions in energy costs should help companies, especially in the manufacturing sector.

"This is a temporary set back," he said. "We're quite positive on the market especially on the manufacturing sector where there were heavy energy price cuts December and in the budget."

MR ge bayyek da oya?

mamada? mama bayya toyya wenna gihilla anagena inne.

[slstockVeteran]

Toyya?

When we were small remember palying marbles with a Kiri Toyya.

Bring back memories.

EconomyNext - Sri Lankan stocks suffered their steepest fall in almost four years Friday, down 2.7 percent, with 101 billion rupees wiped out of stock values after the new government's interim budget imposed hefty taxes on big companies.

The 196.46 point drop in the All Share Price Index was the benchmark's biggest daily fall since the 14 February 2011 plunge of 204 points, exceeding the 2.9 percent (170.14 point) drop on 28 August, 2013.

The ASPI ended at 7,180.05 while the S&P SL20 index, which tracks the top 20 largest and most liquid stocks, slumped 172.46 points or 4.17 percent to close at 3,962.24.

Turnover was just over two billion rupees.

Dimantha Mathew, Manager Research at First Capital Equities, said prices fell after a one-off 25-percent 'super gain' tax on firms earning over two billion rupees was announced in Thursday's government budget.

"After the budget, from the start the market started to decline mainly because of the 'super gain' tax which is going to affect all large cap companies which make most of the profit," he explained.

"When they get hit, the market naturally comes down."

Mathew said the top five losers - Dialog Axiata, John Keells Holdings, Commercial Bank, Ceylon Tobacco Company and Lion Brewery - accounted for 102 points in the ASPI's decline.

Friday's rout caused the Colombo Stock Exchange's market capitalisation to fall to 3,024 billion rupees from 3,125 billion rupees, wiping out 101 billion rupees of stock values.

But Mathew said the setback was temporary and that recent reductions in energy costs should help companies, especially in the manufacturing sector.

"This is a temporary set back," he said. "We're quite positive on the market especially on the manufacturing sector where there were heavy energy price cuts December and in the budget."

MR ge bayyek da oya?

mamada? mama bayya toyya wenna gihilla anagena inne.