Colombo stock market remains depressed

The Colombo stock market continued its depressed status yesterday as investor sentiment remained lacklustre.

The active S&P SL20 declined by 0.7% and the benchmark ASPI by 0.4%. Turnover was Rs. 669 million involving 25.7 million shares.

Asia Securities said indices extended their downward momentum. MELS (+9 points) contributed the most to the ASPI while COMB (-7 points) ended as the major laggard followed by JKH (-6 points) and SAMP (-5 points). Overall, 54 stocks recorded price gains during the session while 101 settled with losses. Turnover was led by JKH (Rs. 116 million).

Foreigners recorded a net outflow of Rs. 66.7 million. Net foreign buying topped in DIST at Rs. 12.5 million and selling topped in JKH at Rs. 30.6 million.

First Capital said the bourse continued to remain on the negative territory during the day registering at 10,620 losing 46 points as the investors displayed a lacklustre sentiment. Banking Sector shares namely COMB, SAMP and HNB continued to drag the index down. MELS witnessed positive investor interaction during the day whilst primary dealer shares namely CALT also witnessed increased interest on the back of the dip in yield rates at the weekly T-Bill auction on 3 million and 6 million bills by 18bps and 7bps respectively. 

NDB Securities said high net worth and institutional investor participation were noted in John Keells Holdings, Ceylon Tobacco Company and Sunshine Holdings. Mixed interest was observed in Capital Alliance, Commercial Bank and Dialog Axiata whilst retail interest was noted in Softlogic Capital, Browns Investments and Lanka Credit and Business Finance.

The Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Ceylon Tobacco Company) whilst the sector index gained 0.23%. The share price of Ceylon Tobacco Company recorded a loss of Rs. 12.50 to Rs. 1,000.25.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index decreased by 0.76%. The share price of John Keells Holdings decreased by Rs. 2 to Rs. 185.50.

Capital Alliance, Commercial Bank and Dialog Axiata were also included amongst the top turnover contributors. The share price of Capital Alliance gained Rs. 3.20 to Rs. 53.60. The share price of Commercial Bank moved down by Rs. 1.20 to Rs. 92.10. The share price of Dialog Axiata declined by 10 cents to Rs. 8.80.