The benchmark index, ASPI recorded a drop of 221 points and closed at 5,122 recording a near eight-year low.
Following the trend witnessed in US markets, a circuit breaker was triggered with the S&P SL index falling by 5% within the first 15 minutes of trading and was uplifted after a halt of 30 minutes yesterday.
Thereafter, ASPI continued on its downward trend primarily dragged down by CCS and JKH. Market continued to experience a net foreign outflow, recording a foreign participation of 54%, First Capital said in a report.
The Colombo Stock Exchange had trading halted for 30 minutes yesterday following a decline in the S&P 20 index exceeding five percent. Before the closure turnover was dominated by Access Engineering which saw a 14 percent decline in the share price. At the time just before the crash the S&P SL20 was down 119.9 points representing 4.89 percent of its value and the ASI was down 195.31 representing 3.66 percent of its value. The market resumed trading later in the day.
The market was closed at 9:42 am according to Circular No: 02-12-2012 and was reopened at 10:12 am.
The stocks that dominated the decline in the index before the crash were Ceylon Cold Stores, John Keells Holdings, Ceylon Tobacco Company, Dialog, and LOLC. Before the crash 130 of the stocks that were traded contributed negatively to the index while 4 contributed positively to the index. The fall in the market value continues from a decline in earnings reported in the December Quarter for listed entities and continued foreign outflow for every week of 2020 amidst the Coronavirus.
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