An about-turn in investor sentiment forced the Colombo stock market to suffer continuous setbacks yesterday including a trading halt, though turnover improved.

In the first two days of trading, CSE has seen Rs. 324 billion in value wiped out, increasing the year-to-date dip in market capitalisation to 27% to Rs. 4.01 trillion from Rs. 4.34 trillion (down 21%) as of Friday last week.

The active S&P SL20 Index finished the day losing 5.7% or over 173 points whilst the benchmark ASPI dipped by over 4% or 413 points which NDB Securities described as the highest-day-loss in 23 weeks.

On Monday the intraday loss hit a five-month high of 281 points reflecting an “ominous” start for October after the CSE had enjoyed three consecutive months of gains.

Turnover improved to Rs. 4.5 billion from Rs. 2.5 billion on Monday. Share volume was 188.2 million as against 125 million on Monday.

Asia Securities said the market continued to witness heavy retail selling pressure leading to a sharp drop in both key indices. The decline in the S&P SL20 index triggered the 5% circuit breaker for a second consecutive session, resulting in a 30-minute trade halt in early trading. After the halt was lifted, the market saw an immediate pickup, however recovery momentum fizzled out subsequently as retail selling returned in heavyweight stocks.

EXPO ended as the biggest dragger on the ASPI (-47 points), followed by LIOC (-44 points), VONE (-32 points), HAYL (-25 points), JKH (-21 points), and SAMP (-19 points).

Turnover was led by LIOC (Rs. 1,412 million), EXPO (Rs. 448 million), ACL (Rs. 273 million), and DPL (Rs. 259 million). Among actively trading counters, LIOC (-13.7%), EXPO (-11.4%), ACL (-8.4%), LOFC (-6.0%), CICN (-4.2%), CICX (-7.1%), HAYL (-6.1%), and RICH (-6.2%) closed with sharp losses for the day.

Asia also said foreigners recorded a net inflow of Rs. 21.5 million with net buying most in MELS at Rs. 9.9 million and selling in BIL at Rs. 4.9 million.

First Capital said negative sentiment extended yet another day as the market plunged further into red amidst major panic selling which dragged down the overall investor sentiment.

As a result, the market halted within the first few minutes of the trading as the S&P SL20 index fell by 5.0% from the previous close. After the resumption, index witnessed a gradual recovery yet failed to hold its position as profit booking lingered.

NDB Securities said high net worth and institutional investor participation was noted in Dankotuwa Porcelain, LOLC Finance and CIC Holdings. Mixed interest was observed in Lanka IOC, Expolanka Holdings and ACL Cables whilst retail interest was noted in SMB Leasing (voting and nonvoting), Browns Investments and Renuka Agri Foods.

Energy sector was the top contributor to the market turnover (due to Lanka IOC) whilst the sector index lost 13.03%. The share price of Lanka IOC decreased by Rs. 37.50 (13.70%) to close at Rs. 236.25.

The Capital Goods sector was the second highest contributor to the market turnover (due to ACL Cables) whilst the sector index decreased by 4.90%. The share price of ACL Cables moved down by Rs. 9.05 (8.36%) to close at Rs. 99.20.

Expolanka Holdings, Dankotuwa Porcelain and LOLC Finance were also included amongst the top turnover contributors. The share price of Expolanka Holdings lost Rs. 22.50 (11.41%) to close at Rs. 174.75. The share price of Dankotuwa Porcelain recorded a gain of Rs. 1.50 (5.79%) to close at Rs. 27.40. The share price of LOLC Finance declined by 50 cents (6.02%) to close at Rs. 7.80.

Amnesty International says that human rights compliant recovery measures are critical to stop spiraling hunger and poverty in Sri Lanka.

Amnesty International said in a new report on Tuesday (4) that the Sri Lankan authorities and the international community must fully incorporate human rights into their responses to the country’s economic crisis, as people in the country face serious concerns around access to healthcare while being driven to the brink of starvation, widespread malnutrition, and deep poverty.

The report, “We are near total breakdown”: Protecting the rights to health, food and social security in Sri Lanka’s economic crisis, explores the catastrophic impact of the crisis on the economic and social rights for the people of Sri Lanka.

It added that the Sri Lankan authorities and donor States must ensure that they meet their obligations under international human rights law by safeguarding the rights to health and adequate food in all aid agreements.

The government of Sri Lanka and international financial institutions must also conduct human rights impact assessments before implementing economic reforms; it remains unclear as to whether these have been or will be conducted.

The main Opposition Samagi Jana Balavegaya yesterday, in Parliament, said that the life of Inter University Students’ Federation Convenor, Wasantha Mudalige, in custody, was in danger.

Chief Opposition Whip and Kandy District MP Lakshman Kiriella said that Mudalige had been taken out of the prison by the law enforcement authorities stating that he could lead them to show the locations he had mentioned during interrogations. “We have information that Mudalige has been taken out of the detention centre several times at night.

We know what happened to the inmates taken out by the police. Most of them were shot dead and some lame excuses were trotted out. We fear that Mudalige, too, will suffer the same fate.”

State Minister of Defence Pramitha Bandara Tennakoon responded saying that investigations conducted under the Prevention of Terrorism Act (PTA) could not stop.

Tennakoon said that suspects had been detained on a court order and they were taken to some places as part of the investigations.

Chief Opposition Whip Kiriella said Mudalige, the Inter University Bhikkhu Front Convener Galwana Siridhamma Thera, and student activist Hashan Gunatilake, had been in detention for over 45 days.

President of the Catholic Bishops’ Conference, Rt. Rev. Harold Anthony Perera, who is also the Bishop of the Roman Catholic Diocese of Kurunegala has told President Ranil Wickremesinghe that the victims of the 2019 Easter Sunday carnage had been denied justice.

Rt. Rev. Perera has stressed the responsibility on the part of the government to bring the perpetrators of the Easter massacre to justice.

The Bishop of Kurunegala said so in response to The Island query whether he raised the issues pertaining to the Easter Sunday massacre when President Wickremesinghe, accompanied by former Finance Minister Ravi Karunanayake, paid a courtesy call on him on Sunday (02) at the Bishop’s House.

UNP leader Wickremesinghe served as the Prime Minister of the then Yahapalana government (2015-2019) blamed for failing to thwart multiple terror attacks.

Attacks on churches at Katuwapitiya, Colomba Kochchikade and Batticaloa and three hotels, namely Cinnamon Grand, Shangri-La and Kingsbury claimed the lives of nearly 270 and wounded over 400.

Declaring that there hasn’t been any change in their stance, Rt. Rev Perera disclosed that he also raised how some of the key suspects ended up as state witnesses. The Bishop of Kurunegala reminded the President of the failure on the part of the state intelligence apparatus to alert the Catholic Church of the impending suicide attacks.

The Bishop of Kurunegala quoted President Wickremesinghe as having said that he was exploring the possibility of securing the assistance of Scotland Yard to investigate the Easter attacks.

The Bishop of Kurunegala succeeded as the President of the Catholic Bishops’ Conference from the Bishop of Badulla, Winston Fernando, nearly two months ago.

Rt. Rev. Perera has also pointed out the continuing difficulties experienced by the people as the country struggled to cope up with the economic fallout.

Top spokesperson for the Church, Rev. Father Cyril Gamini Fernando, yesterday said that their struggle for justice would continue. Rev Father Fernando emphasized the responsibility of the government of the day to implement the recommendations made by Presidential Commission, appointed by the then President Maitripala Sirisena. Pointing out that Gotabaya Rajapaksa, who succeeded Sirisena, too, endorsed the same Commission, Rev Father Fernando said that the perpetrators of this heinous crime couldn’t getaway through political jugglery.

The Commission made recommendations in respect of the then President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. Since then Sirisena has entered Parliament, on the SLPP ticket, whereas Wickremesinghe secured the presidency, with the backing of the SLPP.

The meeting between the Bishop of Kurunegala and President Wickremesinghe took place in the wake of the Supreme Court ruling that proceedings in respect of 12 fundamental rights cases filed in terms of the Article 35(1) couldn’t be continued against the latter since he now enjoyed the presidential immunity.

The ruling was delivered by a seven-judge-bench of the Supreme Court headed by Chief Justice Jayantha Jayasuriya. However, proceedings would continue in respect of Polonnaruwa District MP Sirisena.

Rev. Fernando said that they weren’t satisfied at all with the way law enforcement and judicial authorities handled the high profile investigations. Successive administrations had conveniently forgotten their own Presidential Commission report, Rev Fernando said, pointing out that none of the recommendations had been implemented.

Rev Fernando noted that the Geneva-based United Nations Human Rights Council (UNHRC), too, addressed the issue at hand.