Bear run continues at CSE

Thursday, 11 January 2024 00:56 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday suffered its third dip in a row as investor sentiments turned lacklustre though turnover was good.

The active S&P SL20 declined by 0.7% and the benchmark ASPI by 0.5%. Turnover was Rs. 523 million involving 23.1 million shares. Market also saw net foreign outflow.

Asia Securities said the market ended the day on a downbeat note with the indices moving downwards.

However, it said investors continued accumulating positions in RICH (+7 points) and ASPH (+2 points) while MELS (-18 points), COMB (-6 points), whilst SPEN (-5 points) ended as the biggest laggards on the indices.

Turnover was led by JKH (Rs. 140 million), SUN (Rs. 84 million) and SAMP (Rs. 38 million).

First Capital said the bourse displayed a volatile yet downward trajectory during the day, halting in the negative territory for the third consecutive session registering at 10,666 losing 54 points.

“The investors continued to be on the back foot influenced by the uncertainty on the progress of the external debt restructuring process as the Central Bank unveiled the annual policy outlook and the roadmap for 2024 yesterday,” it added.

It added MELS, COMB and SPEN marked the biggest drag on the index whilst RICH, ASPH and LOLC contributed positively. NDB Securities said high net worth and institutional investor participation were noted in John Keells Holdings. Mixed interest was observed in Sunshine Holdings, Sampath Bank and Hatton National Bank whilst retail interest was noted in Tess Agro, Browns Investments and LOLC Finance.

Furthermore, foreigners closed as net sellers.

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged down by 0.08%. The share price of John Keells

Holdings increased by Rs. 0.25 (0.13%) to close at Rs. 187.50. Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Sunshine

Holdings) whilst the sector index decreased by 0.82%. The share price of Sunshine Holdings closed flat at Rs. 53.70. Sampath Bank, Hatton National Bank and Associated Motor

Finance Company were also included amongst the top turnover contributors. The share price of Sampath Bank moved down by Rs. 0.10 (0.14%) to close at Rs. 70.20. The share price of Hatton National Bank recorded a loss of Rs. 1 (0.60%) to close at Rs. 166.50. The share price of Associated Motor Finance Company appreciated by Rs. 0.70 (3.17%) to close at Rs. 22.80.