Colombo stock market remains negative

Wednesday, 6 November 2024 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained negative yesterday whilst crossings boosted turnover.

Both indices declined by over 4%. Turnover was Rs. 2.38 billion involving 63 million shares.

First Capital said investors booked profit during yesterday’s trading session, resulting in a dip in the ASPI during the initial trading hours. However, the index saw a slight recovery in the post midday, to close the day at 12,796, losing 59 points. The Banking sector and blue-chip stocks experienced a slightly negative sentiment compared to the previous sessions where MELS, HNB, LOLC, HHL, and COMB emerged as the top negative contributors to the index.

Amidst the improved participation from HNW investors, turnover experienced a 28.0% increase from Monday and marked a 15.9% decrease monthly average.

The Banking sector led the turnover by 60%, followed by the Food, Beverage & Tobacco and Capital Goods sectors jointly contributing 19% of the overall turnover. Foreign investors turned net buyers, with a net inflow of Rs. 15.8 million.

NDB Securities said indices closed in red as a result of price losses in counters such as Melstacorp, Hatton National Bank and LOLC Holdings.

Crossings were witnessed in Hatton National Bank, Pan Asia Banking Corporation and Sampath Bank accounting for 43.1% of the turnover. Mixed interest was observed in Access Engineering, Lanka Milk Foods and LB Finance whilst retail interest was noted in SMB Leasing, LOLC Finance and Browns Investments.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Sampath Bank, Pan Asia Banking Corporation and Commercial Bank) whilst the sector index lost 0.36%. The share price of Hatton National Bank decreased by Rs. 2.75 to Rs. 228. The share price of Sampath Bank gained 50 cents to Rs. 89.90. The share price of Pan Asia Banking Corporation moved down by 10 cents to Rs. 26.20. The share price of Commercial Bank recorded a loss of 50 cents to Rs. 116.75.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Lanka Milk Foods) whilst the sector index edged down by 0.12%. The share price of Lanka Milk Foods appreciated by 20 cents to Rs. 32.20.

Separately Digital Mobility Solutions Lanka and John Keells Holdings announced their interim dividends of one Rupee and five cents per share respectively.