CSE begins new week on dismal note

The Colombo stock market began a fresh week negatively amidst lacklustre investor interest.

The ASPI declined by 10 points and the S&P SL20 was almost flat. Turnover was Rs. 580.5 million involving 21.2 million shares.

First Capital said the broad market continued its lacklustre sentiment from the previous week, with investors remaining cautious amidst ongoing uncertainties, whilst limited participation was observed from HNW investors. The ASPI experienced sideways movement throughout the trading day and closed the day at 11,495 losing only 9 points. This decline was influenced by negative pressure from selected banking sector counters and blue-chip companies. Turnover experienced an increase from the previous day. However it marked a 30.5% decrease from the month’s average standing. The Capital Goods sector dominated turnover by 38%, followed by the Banking and Food, Beverage and Tobacco sectors jointly contributing 34% of overall turnover. Foreign investors remained net buyers, with a net inflow of Rs. 47.8 million.

NDB Securities said the ASPI edged down as a result of price losses in counters such as LOLC Finance, National Development Bank and Browns Investments.

High net worth and institutional investor participation was noted in John Keells Holdings, Melstacorp and Teejay Lanka. Mixed interest was observed in Ceylon Tobacco Company, Aitken Spence and Hatton National Bank whilst retail interest was noted in SMB Leasing nonvoting, LOLC Finance and Dialog Axiata.

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Aitken Spence) whilst the sector index gained 0.53%. The share price of John Keells Holdings increased by Rs. 2 to Rs 182.50. The share price of Aitken Spence moved up by Rs. 2 to Rs. 119.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index decreased by 0.31%. The share price of Hatton National Bank recorded a gain of 25 cents to Rs. 184.75. 

The share price of Sampath Bank declined by 20 cents to Rs. 77. Ceylon Tobacco Company was also included amongst the top turnover contributors with its share gaining Rs. 7.25 to Rs. 1,254.75.