CSE suffers first dip in eight days due to profit taking

Wednesday, 20 November 2024 00:17 - - {{hitsCtrl.values.hits}}

The Colombo stock market closed negatively yesterday after seven consecutive sessions of gains due to profit taking.

The benchmark ASPI was down by 0.95% and the active S&P SL20 by 1.6%. Turnover, however, was Rs. 6 billion involving 260 million shares.

First Capital said the broad market experienced downtrend movement as investors booked profits primarily in the Banking sector counters and blue-chip firms. The ASPI closed the session in red at 13,105, losing 126 points, marking a 1.0% decrease from the previous day.

Despite this, investors maintained a positive sentiment towards the Hotel sector counters, with a surge of interest in SERV, KHL, and MARA emerging in the market. JKH, HNB, SAMP, COMB, and NDB emerged as the top negative contributors to the index. In contrast to previous sessions, the market saw a decrease in participation from HNW investors.

The Capital Goods sector led turnover by 55%, followed by the Banking and Food, Beverage and Tobacco sectors jointly contributing 27% of the overall turnover. Foreign investors remained net sellers with a net outflow of Rs. 772.5 million.

NDB Securities said indices closed in red as a result of price losses in counters such as John Keells Holdings, Hatton National Bank, and Sampath Bank.

High net worth and institutional investor participation was noted in John Keells Holdings, Melstacorp, and Hatton National Bank. Mixed interest was observed in Sampath Bank, Commercial Bank, and Nations Trust Bank whilst retail interest was noted in Beruwala Resorts, Waskaduwa Beach Resort, and SMB Leasing.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 2.27%. The share price of John Keells Holdings decreased by Rs. 0.70 to Rs. 20.50.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index decreased by 1.87%. The share price of Hatton National Bank moved down by Rs. 5.75 to Rs. 230. The share price of Sampath Bank recorded a loss of Rs. 1.80 to Rs. 95.

Melstacorp and LB Finance were also included amongst the top turnover contributors. The share price of Melstacorp gained Rs. 0.50 to Rs. 109.50. The share price of LB Finance appreciated by Rs. 1.80 to Rs. 80.