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Dhammika-linked shares drop; CSE loses gains

16 Jun 2022

  • Vallibel One, Hayleys shares down by 6%, 3.3%, respectively
  • Only Kingsbury, Dankotuwa Porcelain shares rise by 7%, 11%, respectively
  • Market community attributes CSE loss to PM’s statement on energy crisis
  By Imesh Ranasinghe  The stock prices of most companies in which Dhammika Perera was an ex-board member fell in value, with the Colombo Stock Exchange (CSE) yesterday (15) losing all the gains it made last week, after the Prime Minister’s statement on the worsening energy and economic crisis, as several stocks lost their momentum. Last week, Dhammika Perera resigned from all his board memberships, after being named a Member of Parliament through the National List of the Sri Lanka Podujana Peramuna (SLPP), after the Parliamentary resignation of former Finance Minister and SLPP MP Basil Rajapaksa. Accordingly, the price per share of Vallibel One PLC (VONE) dropped by Rs 2.30 (-6.18%) and Hayleys PLC (HAYL) dropped by Rs 2.30 (-3.35%), of which Perera was the Chairman and Co-Chairman, respectively. Other companies in which Perera was a board member saw share prices drop, such as Lanka Tile PLC (TILE) which dropped by Rs 1.10 (-2.51%), Swisstek (Ceylon) PLC (PARQ) by Rs Rs 0.50 (-3.31%), Singer (Sri Lanka) PLC (SINS) by Rs 0.20 (-2.13%), LB Finance PLC (LFIN) by Rs 0.40 (-0.85%), and Royal Ceramics Lanka PLC (RCL) by Rs 0.40 (-1.38%). However, the share prices of Kingsbury PLC (SERV) rose by Rs 0.50 (7.14%) and Dankotuwa Porcelain PLC (DPL) rose by Rs 1.00 (11.11%)  The overall loss to the market was visible in the All-Share Price Index (ASPI) closing down by 1.48% to 7,772 from the previous day's close of 7,888, while the S&P SL20 was down by 2.57% to 2,480. A total of 50 million shares were traded within the day, with a turnover of Rs 1.12 billion. Perera is set to be appointed as the Minister of Technology and Investment Promotion after he is sworn in as an MP in Parliament, most likely on 21 June. He is set to implement his “Sri Lanka 2030” plan, which was published in 2019, under his ministry. Prior to Perera’s resignation from the board last week, his stocks soared on 9 June due to the talks of him being appointed to the Parliament.  

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