Wednesday Jan 15, 2025
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The Colombo stock market yesterday reverted to negative territory proving Wednesday’s rebound was an aberration.
The benchmark ASPI declined by over 142 points or 0.9% and the active S&P SL20 by 1.2%. Turnover was Rs. 4.13 billion involving 179 million shares.
On Wednesday, the market bounced back after three days of declines with the ASPI up by 0.6% or 100 points and S&P SL20 by 0.6%.
First Capital said the market yesterday experienced a downtrend as investors maintained a negative stance during the trading day, shifting from the positive sentiment observed during the previous day. Moreover, selling pressure in the Banking sector counters dragged the ASPI down. As a result, the ASPI halted the day at 15,811 losing 143 points, despite the index climbing higher in the first few hours of trading. SAMP, COMB, MELS, DFCC and LOLC emerged as the top negative contributors to the index. There was less participation from retail and HNWs investors.
The Capital Goods sector led the turnover by 23%, followed by the Food, Beverage and Tobacco and Banking sectors jointly contributing 38% of the overall turnover. Meanwhile, the net foreign outflow for the day stood at Rs. 38 million.
NDB Securities said indices closed in red as a result of price losses in counters such as Sampath Bank, Commercial Bank and Melstacorp.
High net worth and institutional investor participation was noted in John Keells Holdings, Lion Brewery and Melstacorp. Mixed interest was observed in Browns Investments, LB Finance and Hatton National Bank whilst retail interest was noted in Lanka Credit and Business Finance, Waskaduwa Beach Resort and Nation Lanka Finance.
The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.71%. The share price of John Keells Holdings decreased by 10 cents to Rs. 23.80.
The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 0.60%. The share price of Browns Investments lost 10 cents to Rs. 7.70.
LB Finance, Hatton National Bank and RIL Property were also included amongst the top turnover contributors. The share price of LB Finance moved down by 30 cents to Rs. 91.50. The share price of Hatton National Bank recorded a loss one Rupee to Rs. 309.75. The share price of RIL Property appreciated 30 cents to Rs. 15.00.