Colombo stock market begins week bearish

The Colombo stock market a new week negatively though investors were active leading to healthy turnover. 

Both indices declined by over 20 points and turnover was Rs. 2.1 billion involving 134.5 million shares.

Asia Securities said indices commenced the week on a low note due to price losses in heavyweights JKH (-1.2%), HAYL (-1.3%), PABC (-1.3%), COMBN (-2.0%), VONE (-1.7%), and LIOC (-1.5%).  COMBN (-13.6%) ended as the biggest laggard on the ASPI.

Turnover was led by JKH (Rs. 160 million), BIL (Rs. 137 million), and LOFC (Rs. 127 million). Asia also said foreigners recorded a net inflow of Rs. 28.3 million. Net foreign buying topped in COMB.N at Rs. 19.8 million and selling topped in LLUB at Rs. 5.8 million.

Asia also said Foreigners recorded a net inflow of LKR 28.3mn. Net foreign buying topped in COMB.N at Rs. 19.8mn and selling topped in LLUB at Rs. 5.8mn.

First Capital said the Colombo bourse started the trading day on a positive tone, and recorded an intra-day high of 12,427 during its first 30 mins of trading. However, the positive sentiment eroded towards the latter part of the session affected by the lingering uncertainties as the index closed the day at 12,376, reflecting a decrease of 28 points (C.-0.23%). 

The Banking sector counters such as COMB, DFCC, and SAMP, experienced decreased activity, while there was notable buying interest in SUN following the equity investment by the International Finance Corporation. 

The Capital Goods sector emerged as the primary contributor, constituting 26% of the turnover, followed by Diversified Financials and Food, Beverage, and Tobacco sectors, which collectively contributed 35% to the daily turnover. Interest in the Construction and Material sector counters continued for yet another day buoyed by the improvement in key economic indicators, whilst nearly 10% contribution to the turnover stemmed from crossing transactions. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Diesel & Motor Engineering and Sierra Cables. Mixed interest was observed in National Development Bank, Sunshine Holdings and Royal Ceramics whilst retail interest was noted in SMB Leasing nonvoting, LOLC Finance and Browns Investments. 

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Royal Ceramics) whilst the sector index lost 0.65%. The share price of John Keells Holdings decreased by Rs. 2.50 to Rs. 203.

The share price of Royal Ceramics recorded a gain of 50 cents to Rs. 35.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index increased by 0.40%. The share price of Browns Investments gained 20 cents to 

Rs. 6.60.

LOLC Finance and National Development Bank were also included amongst the top turnover contributors. The share price of LOLC Finance moved up by 40 cents to Rs. 7.40. The share price of National Development Bank appreciated by 50 cents to  Rs. 78.30.