CSE suffers second consecutive dip in 2024

Wednesday, 10 January 2024 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday suffered its second consecutive dip in the New Year as investor sentiments turned lacklustre.

The active S&P SL20 declined by 0.3% and the benchmark ASPI by 0.3%. Turnover was Rs. 517.9 million involving 45 million shares. Market also saw net foreign outflow. Asia Securities said the market commenced yesterday on a low note with the indices moving downwards weighed by price losses in AMF (-3.1%), LIOC (-2.1%), and LGL (-1.2%). However, investors continued accumulating positions in, SCAP (+5.3%), LOFC (+4.3%), SUN (+2.3%), RCL (+1.1%), and WATA (+3.1%) saw renewed investor interest during the session. First Capital said Bourse closed in the red zone again, amidst relatively low investor participation. The broader market witnessed a session of profit taking and recorded a decline of 31 points to close the day at 10,719. JKH, MELS and COMB were the largest negative contributors to the index whilst DFCC, BIL and LOFC were the largest positive contributors. It said Cargills Bank (CBNK) which commenced trading yesterday saw 9.6 million shares being traded and raking in a turnover of Rs. 76.9 million, making it both the largest volume and turnover contributor for the day. Interest in the hotel sector counters led by KHL, EDEN and AHPL was carried forward to yet another day amidst the surge in tourist arrivals in the country. NDB Securities said high net worth and institutional investor participation were noted in John Keells Holdings and Hayleys. Mixed interest was observed in Cargills Bank, Dialog Axiata and Browns Investments whilst retail interest was noted in LOLC Finance, Softlogic Capital and Beruwala Resorts Rights. Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers. The Banking sector was the top contributor to the market turnover (due to Cargills Bank) whilst the sector index lost 0.28%. The share price of Cargills Bank increased by Rs. 0.10 (1.25%) to close at Rs. 8.10. Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 0.51%. The share price of Browns Investments moved up by Rs. 0.10 (2.22%) to close at Rs. 4.60. Dialog Axiata, John Keells Holdings and Hayleys were also included amongst the top turnover contributors. The share price of Dialog Axiata gained Rs. 0.10 (1.14%) to close at Rs. 8.90. The share price of John Keells Holdings recorded a loss of Rs. 1.75 (0.93%) to close at Rs. 187.25. The share price of Hayleys appreciated by Rs. 0.30 (0.40%) to close at Rs. 76.