Colombo stock market remains depressed

The Colombo stock market remained depressed amidst lacklustre investor interest for the third consecutive day.

The benchmark ASPI declined by 0.7% but the active S&P SL20 gained by 0.8%. Turnover was Rs. 891 million involving 30.3 million shares.  Unlike locals, foreigners were  bullish accounting for net buying. 

Asia Securities said the market remained in negative territory for a third consecutive day with the ASPI losing 78 points (-0.7%) and the S&P SL20 index shedding 25 points (-0.8%). 

CFVF (-6.7%), CALT (-5.2%), FCT (-5.7%), LIOC (-2.4%), HNBN (-2.4%), and HNBX (-3.1%) closed in red while HAYC (+1.5%), TKYON (+1.2%), LFIN (+2.3%), HHL (+2.7%), and SEYBN (+2.6%) recorded price gains during the session. HNBN (-12 points), RICH (-5 points), and HNBX (-5 points) came in as the biggest laggards on the ASPI. Overall, 46 stocks ended in green while 122 settled with losses.

Turnover was led by CFVF (Rs. 197mn) and JKH (Rs. 183mn). 

Asia also said foreigners recorded a net inflow of Rs. 135.3mn. Net foreign buying topped in JKH at Rs. 133mn selling topped in BPPL.N at Rs. 8.1mn.

First Capital said the market experienced a subdued session with downward momentum, primarily influenced by month-end selling pressure and prevailing uncertainty regarding the upcoming budget and earnings expectations. Notably, the market saw price declines, largely attributed to a decrease in the prices of index-heavyweight stocks. The day concluded with the ASPI in the negative territory, closing at 10,536 points, representing a decline of 78 points. In contrast to the overall market performance, LLUB emerged amongst the top contributors for the day, as it displayed over a 13.0% increase in QoQ growth in both its top-line and bottom-line. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings. Mixed interest was observed in Capital Alliance, Tokyo Cement Company and Lanka IOC whilst retail interest was noted in First Capital Holdings, SMB Leasing and Browns Investments. 

The Diversified Financials sector was the top contributor to the market turnover (due to First Capital Holdings and Capital Alliance) whilst the sector index lost 1.06%. The share price of First Capital Holdings decreased by Rs 3 to Rs 42. The share price of Capital Alliance moved down by Rs 2.70 to Rs. 49.30.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index decreased by 0.54%. The share price of John Keells Holdings lost Rs 1.25 to Rs. 191.50.

Tokyo Cement Company and Lanka IOC were also included amongst the top turnover contributors. The share price of Tokyo Cement Company recorded a gain of 60 cents to Rs 49.50. The share price of Lanka IOC declined by Rs 2.30 to Rs 95.20.