CSE remains bearish amidst low investor activity

Wednesday, 23 April 2025 00:02 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained bearish amidst low investor activity for want of sentiment boosting developments.

The benchmark ASPI was down by over 43 points or 0.28% and the active S&P SL20 dipped by 0.68%. Turnover was Rs. 991.4 million involving 36.58 million shares.

First Capital said amidst lingering uncertainties over the global economic outlook and ongoing tariff discussions, investors in the Colombo Bourse continued their selling stance from the previous session, dragging the ASPI further down. The benchmark index slipped, pushing its year-to-date performance into single-digit negative territory with a 2.4% loss despite the looming earnings season. Banking sector stocks, COMB, HNB, and NDB were key negative contributors to the index’s decline, along with HAYL and JKH. However, selected counters in the Insurance sector, including CINS and HASU, saw renewed investor interest.

The turnover marked a 62% decrease from the monthly average amidst lack of crossings and muted retail participation. The Capital Goods sector was the most significant contributor to the turnover with a 27% share, followed by the Banking and Food, Beverage and Tobacco sectors jointly contributing 30%. Foreign investors turned net sellers, with a net outflow of Rs. 63.4 million.

NDB Securities said high net worth and institutional investor participation was noted in Asiri Hospital Holdings, John Keells Holdings and Commercial Credit and Finance. Mixed interest was observed in Hatton National Bank, Browns Investments and Vallibel One whilst retail interest was noted in Panasian Power, LVL Energy Fund and LOLC Finance.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Vallibel One) whilst the sector index lost 0.67%. The share price of John Keells Holdings decreased by 20 cents to Rs. 19.70. The share price of Vallibel One recorded a gain of Rs. 1.10 to Rs. 64.90.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank) whilst the sector index decreased by 0.68%. The share price of Hatton National Bank moved down by Rs. 3.25 to Rs. 295.75.

Asiri Hospital Holdings and Commercial Credit & Finance were also included amongst the top turnover contributors. The share price of Asiri Hospital Holdings lost 10 cents to Rs. 26.20. The share price of Commercial Credit & Finance appreciated by 20 cents to Rs. 66.80.

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