CSE opens new week ending 7-day winning streak

Tuesday, 5 November 2024 00:01 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday began a new week on a negative note ending seven days of gains.

The active S&P SL20 declined by four points or 0.1% and the benchmark ASPI by eight points. Turnover was Rs. 1.86 billion involving 69.6 million shares.

First Capital said after a week of bullish momentum, the ASPI experienced a slight downturn at the beginning of the week, influenced by mixed sentiment of investors that led to selling pressure in the latter part of the trading session.

Selected Banking sector stocks and blue-chip shares experienced active trading throughout the day, while the recently released 2QFY25 quarterly results of PARQ also boosted investor sentiment. Additionally, tourism sector stocks such as CONN and JETS saw increased buying interest following their strong quarterly results.

Amidst decreased participation from both retail and HNW investors compared to the previous week, turnover marked a 33.2% decrease monthly average. The Banking sector led the turnover by 34%, followed by the Food, Beverage and Tobacco and Capital Goods sectors jointly contributing 34% of the overall turnover. Foreign investors turned net sellers, with a net outflow of Rs. 31.4 million.

NDB Securities said the ASPI edged down as a result of price losses in counters such as Richard Pieris & Company, DFCC Bank, and Commercial Bank.

High net worth and institutional investor participation was noted in Sampath Bank, Cargills, and Cargills Bank. Mixed interest was observed in Lanka Milk Foods, Pan Asia Banking Corporation, and Access Engineering, whilst retail interest was noted in Tess Agro, LOLC Finance, and Hikkaduwa Beach Resort.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank and Pan Asia Banking Corporation) whilst the sector index lost 0.36%. The share price of Sampath Bank increased by Rs. 1.50 to Rs. 89.40. The share price of Pan Asia Banking Corporation recorded a gain of Rs. 0.02 to Rs. 26.30.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp and Lanka Milk Foods) whilst the sector index increased by 0.48%. The share price of Melstacorp gained Rs. 5.20 to Rs. 104.50. The share price of Lanka Milk Foods moved up by Rs. 1 to Rs. 32.

Cargills was also included amongst the top turnover contributors with its share price gaining Rs. 0.75 to Rs. 395.

Separately, Vidullanka announced its interim dividend of Rs. 0.20 per share.