CSE begins new week with losses, net foreign inflow

Tuesday, 15 October 2024 01:37 - - {{hitsCtrl.values.hits}}

The Colombo stock market suffered a fresh setback yesterday with indices closing in red though turnover remained healthy.

The active S&P SL20 declined by 0.7% but survived a positive YTD return to close at 17.8%. The benchmark ASPI fell 0.4% and managed to close a positive YTD return by 14.9%.

Turnover yesterday was Rs. 1.45 billion involving 62.1 million shares. The silver lining was net foreign inflow.

Asia Securities said the market showed a downtrend due to profit-taking in the banking sector with price losses in HNBN (-1.0%), COMBN (-0.9%), SAMP (-0.8%), and NTBN (-0.6%), along with frontline stocks BIL (-1.7%), HAYL (-1.4%), and LMF (-1.0%) triggering a broad-based decline in the ASPI during the session.

Food, Beverage, and Tobacco, Capital Goods, Consumer Durables and Apparel, and Bank sectors led activity, collectively accounting for 72.3% of turnover.

Foreigners recorded a net inflow of Rs. 153.6 million, while their participation declined to 9.6% of turnover (previous day 10.4%). Net foreign buying topped in JKH.N at Rs. 127.9 million, while net foreign selling topped in BALA.N at Rs. 4.9 million.

Crossings accounted for 16.8% of turnover led by JKH.N (Rs. 160 million) and MGTN (Rs. 84.1 million).

NDB Securities said the ASPI closed in red as a result of price losses in counters such as C T Holdings, Hatton National Bank, and Commercial Bank with the turnover crossing

Rs. 1.4 billion. A similar behaviour was witnessed in the S&P SL20. High net worth and institutional investor participation was noted in John Keells Holdings, Hayleys Fabric, and Tokyo Cement Company non-voting.

Mixed interest was observed in Hela Apparel Holdings, Balangoda Plantations, and Maskeliya Plantations, whilst retail interest was noted in Kotagala Plantations, Browns Investments, and Waskaduwa Beach Resort.

Foreign participation in market activity remained at subdued levels with foreigners closing as net buyers.

Food, Beverage, and Tobacco sector was the top contributor to the market turnover (due to Balangoda Plantations) whilst the sector index lost 0.28%. The share price of Balangoda Plantations appreciated by

Rs. 3.50 to close at Rs. 58.30.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged down by 0.12%. The share price of John Keells Holdings closed flat at Rs. 197.

Hayleys Fabric, Hela Apparel Holdings, and Tokyo Cement Company non-voting were also included amongst the top turnover contributors. The share price of Hayleys Fabric gained Rs. 1.60 to close at Rs. 54.40. The share price of Hela Apparel Holdings moved up by Rs. 1 to close at Rs. 7. The share price of Tokyo Cement Company non-voting recorded a gain of Rs. 1 to close at Rs. 46.