CSE bearish due to profit taking but enjoys Rs. 200 m net foreign inflow

Thursday, 7 November 2024 01:16 - - {{hitsCtrl.values.hits}}

The Colombo stock market for the third consecutive day remained bearish on profit taking whilst turnover improved including net foreign inflow of Rs. 200 million.

Both indices declined by over 0.6% and the turnover was Rs. 3.2 billion involving 117.4 million shares.

First Capital said the Colombo Bourse continued the profit taking from the previous trading session, causing ASPI to lose 77 points and close the day at 12,719. The Banking sector counters witnessed mixed activity during today’s trading session while on the flip side increased participation from HNW and institutional investors was noted. Additionally, COMB, MELS, DFCC, RICH and NDB emerged as the top negative contributors to the index.

Amidst the improved participation from investors, turnover experienced a 33.9% increase from Tuesday and marked a 13.5% increase monthly average. The Capital Goods sector led the turnover by 46%, followed by the Banking and Materials sectors jointly contributing 33% of the overall turnover. Foreign investors remained net buyers with a strong buying interest in JKH, recording a net inflow of Rs. 199.8 million.

NDB Securities said the indices closed in red as a result of price losses in counters such as Commercial Bank, Melstacorp and DFCC Bank.

High net worth and institutional investor participation was noted in John Keells Holdings, Hatton National Bank and Piramal Glass. Mixed interest was observed in Commercial Bank, Pan Asia Banking Corporation and Access Engineering whilst retail interest was noted in SMB Leasing, Softlogic Holdings and LVL Energy Fund.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings). The post-subdivision JKH started trading today and closed at Rs. 21.20.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank and Commercial Bank) whilst the sector index decreased by 0.75%. The share price of Hatton National Bank lost 50 cents to Rs. 227.50. The share price of Commercial Bank moved down by Rs. 1.25 to Rs. 115.50.

Hayleys Fabric and Singer Sri Lanka were also included amongst the top turnover contributors. The share price of Hayleys Fabric recorded a gain of 30 cents to Rs. 51.10. The share price of Singer Sri Lanka appreciated by Rs. 1.10 to Rs. 20.40.