Bourse ends on a mixed note with lacklustre investor sentiment

• Active S&P SL20 Index notches 12th day gain but ASPI dips

The Colombo stock market lagged in terms of the benchmark All Share Price Index and turnover was below recent average but the more active S&P SL20 index notched up its 12th consecutive day gain.

The ASPI declined sharply by over 157 points or 1.4% but the S&P SL20 gained by over 10 points or 0.3%. Turnover amounted to Rs. 6.5 billion involving over 252 million shares.

Asia Securities said, dented by price declines in CLC, market witnessed a moderate session as the indices ended on a mixed tone amid recording a healthy turnover.

“Following a volatile opening, the ASPI closed 158 points or 1.4% lower while the more liquid S&P SL20 index managed to continue its gaining streak for the 12th consecutive session and scale another record closing high at 3,913 (+7.2 points or +0.2%),” Asia added.

It said price gains in BIL (2.9%), VONE (5.6%), and AAIC (8.2%) cushioned the fall to some extent, while a renewed buying interest was witnessed in healthcare sector stocks such as ECL (24.4%), LHCL (12.0%) and NHL (9.7). Contributing 157 negative points to the ASPI, CLC remained as the top laggard, down 17.8%, followed by NIFL (-4.9%) and LOFC (-3.0%).

Asia said after extending sharp gains in the last few sessions, EXPO edged lower (-0.4%) as investors opted for mild profit-booking in the stock. The stock initially touched an intra-day low of Rs. 272 (-4.4%), however, with investors repositioning at relatively lower levels, the stock showcased a gradual recovery as the session progressed and ended marginally lower.

“Witnessing a sharp volatile opening, the ASPI dropped to an intra-day low of 11,228 (-182 points), before climbing as much as 243 points to reach 11,471 within the next few minutes. After remaining in a positive range-bound between 11,400-11,490 levels, the index moved lower again in the second half of the session, resulting in a steep decline in the last hour of trading. The breadth of the market was negative with decliners outnumbering gainers 107 to 85,” Asia added.

It also said foreigners recorded a net inflow of Rs. 150 million while their participation increased to 1.5% of turnover (previous day 1.1%). Net foreign buying topped in HNB.N at Rs. 105.6 million and net selling topped in SCAP at Rs. 6.8 million.

First Capital said the bourse lingered in the red territory for the second straight session with a heavy intraday loss as investors set off on a selling spree. “The Index opened with a dip but bounced back shortly yet failed to uphold after the initial half hour as the index regressed on to the red zone. However, during the final hour of the session the index started to gain momentum yet again failed to sustain as it plunged steeply, owing to intensified selling pressure, and closed for the day at 11,252, losing 158 points,” First Capital added. It said turnover was led by a joint contribution of 47% from the Food, Beverage and Tobacco sector and Diversified Financials sector.

NDB Securities said high net worth and institutional investor participation was noted in Hatton National Bank and National Development Bank. Mixed interest was observed in Expolanka Holdings, Vallibel One and Lanka Orix Finance, whilst retail interest was noted in Browns Investments, Softlogic Capital and Commercial Leasing & Finance.

Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), whilst the sector index gained 0.24%. The share price of Browns Investments increased by 40 cents (2.86%) to close at Rs. 14.40. 

Diversified Financials sector was the second highest contributor to the market turnover (due to Commercial Leasing & Finance and Lanka Orix Finance), whilst the sector index decreased by 5.84%. The share price of Commercial Leasing & Finance moved down by Rs. 11 (17.77%) to close at Rs. 50.90. The share price of Lanka Orix Finance declined by 80 cents (3.02%) to close at Rs. 25.70.

Expolanka Holdings and Vallibel One were also included amongst the top turnover contributors. The share price of Expolanka Holdings lost one rupee (0.35%) to close at Rs. 283.50. The share price of Vallibel One recorded a gain of Rs. 4 (5.63%) to close at Rs. 75.

Separately, Central Finance Company announced an interim dividend of Rs. 1.50 per share.