CSE ends 5-day loss-making spell amidst low turnover

Wednesday, 24 July 2024 00:18 - - {{hitsCtrl.values.hits}}

After five days of losses the Colombo stock market yesterday rebounded though modestly amidst multiple weeks low turnover.

The benchmark ASPI was up 0.5% and the active S&P SL20 by 0.6%. Turnover was Rs. 540.4 million involving 55.2 million shares.

First Capital said the Colombo bourse bounced back from five consecutive days of losses, collectively losing 352 points, as majority of the sectors witnessed price gains whilst by index heavyweights emerged as the major positive contributors. However, trading volumes remained relatively low compared to previous sessions. The ASPI experienced a sluggish morning session but rallied post midday to close the day in green at 11,597 gaining 57 points, further reflecting the ongoing market volatility. MELS, RICH, COMB, CARG and BIL emerged as the major positive contributors.

Turnover plunged to a 2-week low and was 58.4% lower than the month’s average amidst the absence of the off-board transactions and low participation of the retail investors.

The Banking sector led the turnover with 20%, followed by the Food, Beverage and Tobacco and Capital Goods sectors jointly contributing 39% to the overall turnover.

NDB Securities said high net worth and institutional investor participation was noted in Dialog Axiata. Mixed interest was observed in National Development Bank, John Keells Holdings and Hayleys whilst retail interest was noted in Nation Lanka Finance, SMB Leasing and Industrial Asphalts.

The Banking sector was the top contributor to the market turnover (due to the National Development Bank and Hatton National Bank) whilst the sector index gained 0.32%. The share price of National Development Bank gained 40 cents to Rs. 71. The share price of Hatton National Bank declined by 25 cents to Rs. 188.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover whilst the sector index increased by 0.76%.

Dialog Axiata, John Keells Holdings and Hayleys were also included amongst the top turnover contributors. The share price of Dialog Axiata increased by 10 cents to Rs. 9.40. The share price of John Keells Holdings moved down by 75 cents to Rs. 190.50. The share price of Hayleys recorded a gain of 75 cents to Rs. 100.75