CSE slips due to profit taking, posts high turnover

Thursday, 30 January 2025 00:08 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday slipped on profit taking amidst high turnover ahead of month end.

The active S&P SL20 declined by 0.6% and the benchmark ASPI closed flat. Turnover was Rs. 8.4 billion involving 386.7 million shares.

Turnover was dominated by JKH (Rs. 1.25 billion), Access Engineering (Rs. 1.1 billion), Browns Investments (Rs. 682 million), Commercial Bank (Rs. 431 million) and Amana Bank (Rs. 413.3 million).

First Capital said the bourse experienced a highly volatile trading session with the ASPI moving back and forth between the green and red zones throughout the day. However, increased participation was noted among both HNW and retail investors. MELS, SAMP, JKH, COMB, HNB emerged as the top negative contributors to the index. On a positive note, sentiment in the construction sector, particularly around AEL, showed a notable uptick. The Capital Goods sector was the most significant contributor to the overall turnover with a 36% share, followed by the Banking, and Food, Beverage & Tobacco sectors jointly contributing 34%. Foreign investors remained sellers, with a net outflow of Rs. 924 million.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Access Engineering, Amana Bank. Mixed interest was observed in Browns Investments, Commercial Bank and Sampath Bank whilst retail interest was noted in Industrial Asphalts, LVL Energy Fund and Agstar.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Access Engineering) whilst the sector index edged down by 0.01%. The share price of John Keells Holdings decreased by 30 cents to Rs. 22.60. The share price of Access Engineering gained Rs. 2.60 to Rs. 40.40.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank and Amana Bank) whilst the sector index decreased by 0.98%. The share price of Commercial Bank recorded a loss of Rs. 1.75 to Rs. 148. The share price of Amana Bank appreciated by 20 cents to Rs. 25.40.

Browns Investments was also included amongst the top turnover contributors with its share price gaining by 20 cents to Rs. 9.30.

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