CSE dips despite high Rs. 7 b turnover

Friday, 22 November 2024 02:54 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday reverted to negative territory, despite Rs. 7 billion turnover fuelled by crossings.

The benchmark ASPI declined by 1% and the active S&P SL20 by 1.5%. The turnover of Rs. 7.04 billion involved 161.3 million shares.

First Capital said the Colombo Bourse witnessed price declines across the board in most of the sectors as investors maintained a mixed sentiment during today’s trading session. However, the index showed signs of recovery in the last half hour, driven by mixed activity in the blue-chip firms and Banking sector such as DFCC and CDB. JKH, COMB, SAMP, BIL, and LOLC emerged as the top negative contributors to the index. Amidst multiple-board transactions, turnover marked an 87.3% decrease from the monthly average. Moreover, the Banking sector led the turnover by 65%, followed by the Diversified Financial and Capital Goods sectors jointly contributing 23% of the overall turnover. There was a net foreign outflow of Rs. 211.6 million, signalling interest in external investments.

NDB Securities said indices closed in red as a result of price losses in counters such as John Keells Holdings, Commercial Bank and Sampath Bank.

Crossings were witnessed in Citizens Development Business Finance, John Keells Holdings, Sampath Bank, Commercial Bank, Melstacorp, Hayleys Fabric, DFCC Bank, Access Engineering and Dipped Products accounting for 63.0% of the turnover.

Mixed interest was observed in Commercial Bank, Access Engineering and DFCC Bank whilst retail interest was noted in Industrial Asphalts, Hela Apparel Holdings and SMB Leasing.

The Banking sector was the top contributor to the market turnover (due to DFCC Bank, Sampath Bank and Commercial Bank), whilst the sector index lost 1.11%. The share price of DFCC Bank increased by Rs. 1.30 to Rs. 86.20. The share price of Sampath Bank recorded a loss of one Rupee to Rs. 93.70. The share price of Commercial Bank declined by Rs. 2.75 to Rs. 120.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings), whilst the sector index decreased by 2.35%. The share price of John Keells Holdings lost 70 cents to Rs. 20. Citizens Development Business Finance was also included amongst the top turnover contributors with its share price gaining 25 cents to Rs. 233.