Colombo Bourse dips

The Colombo stock market dipped yesterday after two days of gains as investors remained cautious. 

LOLC Securities said the All Share Price Index was down by two points and S&P SL20 was lower by 10 points.  

“ASPI closed flat while counters such as HNB, Browns Investments (BIL) and Brown and Company (BRWN) dragged the main index,” it said adding that gainers surpassed losers 62 to 54.

Turnover was Rs. 427 million. 

BIL topped the turnover list while there were no crossings recorded for the day. Foreigners were net sellers for the day with a net outflow of Rs. 93 million while foreign selling was mainly seen in JKH. Meanwhile, ASPI started daily operations at 5,822 level and decreased slightly during the day to reach at 5,821. 

NDB Securities said high net worth and institutional investor participation was noted in Asian Hotels & Properties, John Keells Holdings and Dialog Axiata. Mixed interest was observed in Browns Investments and Union Bank whilst retail interest was noted in First Capital Holdings. Furthermore, foreigners closed as net sellers mainly due to foreign selling in John Keells Holdings and Dialog Axiata.

First Capital said ASPI witnessed a downward trend in the first hour of trading recording an intraday low of 5,810, followed by an uptrend with a sideways movement, which led to a decline during the last hour of trading, closing the index at 5,821, losing two points. 

Diversified Holdings sector contributed mostly to the market turnover while the sector index was down by 0.12%.