CSE remains lacklustre

Wednesday, 23 October 2024 00:08 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained subdued yesterday due to lacklustre investor sentiment.

The benchmark ASPI was down by over 9 points and the active S&P SL20 was up by 4 points. Turnover was Rs. 19.3 billion involving 136.7 million shares.

Asia Securities said following Monday’s momentum, the ASPI closed in red on Tuesday (due to price losses in KCAB (-1.1%), LIOC (-0.9%), ACL (-0.9%), and COMBN (-0.2%). During the first half of the session, the market experienced profit-taking in heavyweight stocks. Additionally, JKH rights were converted into ordinary shares and began trading on the market during the day.

JKH (+6 points), and LION (+5 points) came in as the major index movers while SEMBX (-3 points) ended as the biggest laggard on the ASPI. The breadth of the market was negative with 61 price gainers and 109 decliners.

Market activity slightly improved compared to the previous session and turnover was led by JKH (Rs. 676 m), and CITH (Rs. 224 m).

Foreigners recorded a net inflow of Rs. 37.9 million. Net foreign buying topped in JKH at Rs.

29.2 million and selling topped in KHL at Rs. 18.2 million.

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.

The ASPI experienced slight selling pressure during the first few hours of trading as the index witnessed a marginal dip. However, the index showed signs of recovery post-midday, driven by mixed activity in the Banking sector. Additionally, trading in the Utilities sector increased compared to previous sessions. Amidst this market volatility, the ASPI closed the day in red at 12,300, losing 9 points.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings and Melstacorp. Mixed interest was observed in Hikkaduwa Beach Resort, Sampath Bank and Hela Apparel Holdings whilst retail interest was noted in LOLC Finance, Waskaduwa Beach Resort and Citrus Leisure.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 0.47%. The share price of John Keells Holdings increased by Rs. 1.75 to Rs. 199.

The Consumer Services sector was the second highest contributor to the market turnover (due to Hikkaduwa Beach Resort) whilst the sector index decreased by 0.67%. The share price of Hikkaduwa Beach Resort lost 60 cents to Rs. 3.50.

Sampath Bank, Hela Apparel Holdings and Melstacorp were also included amongst the top turnover contributors. The share price of Sampath Bank moved up by 40 cents to Rs. 82.90. The share price of Hela Apparel Holdings closed flat at Rs. 7.20. The share price of Melstacorp closed flat at Rs. 90.