CSE remains bearish, lacklustre

Friday, 21 February 2025 00:02 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained bearish for the second consecutive day yesterday amidst lacklustre investor interest.

Both indices declined by 1.2% whilst turnover was Rs. 2.9 billion involving 120.4 million shares.

First Capital said the Colombo Stock Exchange experienced heightened volatility with the ASPI facing a steady decline throughout the session. Despite a brief attempt at recovery towards the close, the index ultimately ended in negative territory, settling at 16,859, a drop of approximately 215 points. The Banking sector was a primary driver of the downturn, with HNB, SAMP, and NDB among the leading negative contributors, alongside CINS and MELS.

Turnover marked a dip of 49% from the monthly average. It was the Capital Goods sector that dominated contributions to turnover, at 30%. This was followed by the Banking sector and the Food, Beverage and Tobacco sector which produced a joint contribution of 38%. Foreign investors turned net sellers amid somewhat high participation. The market also saw a foreign outflow of Rs. 381 million.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Sampath Bank and Sunshine Holdings. Mixed interest was observed in Browns Investments, Dipped Products and Hatton National Bank whilst retail interest was noted in LOLC Finance, Industrial Asphalts and LVL Energy Fund.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.63%. The share price of John Keells Holdings closed flat at Rs. 22.20.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank and Hatton National Bank) whilst the sector index decreased by 1.44%. The share price of Sampath Bank lost Rs. 1.50 to Rs. 121.50. The share price of Hatton National Bank declined by Rs. 6.75 to Rs. 332.75.

Browns Investments and Dipped Products were also included amongst the top turnover contributors. The share price of Browns Investments moved down by 10 cents to close at Rs. 8.30. The share price of Dipped Products recorded a loss of 70 cents to Rs. 59.80.

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