Saturday Nov 16, 2024
Saturday Nov 16, 2024
Thursday, 23 July 2020 00:32 - - {{hitsCtrl.values.hits}}
The Colombo stock market remained bearish amidst lower turnover and foreign selling.
Acuity Stockbrokers said the bourse ended on a negative note as the ASPI decreased by 0.29% or 14.66 points to close at 5,019.79 points, while the S&P SL20 Index also decreased by 0.69% or 15.00 points to close at 2,158.61.
Turnover decreased by 19.9% relative to Tuesday to amount to Rs. 0.79 billion while the crossings accounted for 18.2% of the day’s total turnover.
Foreign investors recorded a net outflow of Rs. 0.05 billion over the day compared to a net outflow of Rs. 0.19 billion recorded yesterday.
First Capital said vagueness in the expected earnings outlook continued to fuel the negative sentiment for the second consecutive session while market witnessed retail activities in selected counters.
“Index experienced a volatile sideways movement till mid-day, thereafter recorded a downtrend due to the selling pressure in John Keells Holdings and Carsons and closed at 5,020 losing 15 points,” First Capital said.
It added that dominance in the turnover was maintained by the Banking sector while parcel trades boosted the turnover contributing 18% of the total. Market witnessed low foreign participation while recording a net outflow.
NDB Securities said the ASPI closed in red as a result of price losses in counters such as John Keells Holdings, Carson Cumberbatch and Dialog Axiata.
High net worth and institutional investor participation was noted in John Keells Holdings and Hatton National Bank voting and non-voting. Mixed interest was observed in People’s Leasing & Finance, Tokyo Cement Company and Sampath Bank whilst retail interest was noted in Nations Trust Bank and Expolanka Holdings.
The Banking sector was the top contributor to the market turnover (due to Hatton National Bank voting and nonvoting) whilst the sector index lost 0.54%. The share price of Hatton National Bank lost Rs. 1.20 (1.07%) to close at Rs 111.00 while the share price of Hatton National Bank non-voting declined by Rs 1.00 (1.16%) to close at Rs 85.00.
Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index decreased by 0.66%. The share price of John Keells Holdings decreased by Rs 1.70 (1.50%) to close at Rs 111.30.
Tokyo Cement Company voting and non-voting were also included amongst the top turnover contributors. The share price of Tokyo Cement Company non-voting moved up by Rs 0.80 (2.75%) to close at Rs 29.90 while the share price of Tokyo Cement Company recorded a gain of Rs 1.10 (3.24%) to close at Rs 35.00.
