Friday Nov 29, 2024
Friday Nov 29, 2024
Friday, 21 October 2022 00:00 - - {{hitsCtrl.values.hits}}
The Colombo stock market reverted to bearish mode proving Wednesday’s marginal gain was short lived.
The active S&P SL20 dipped by 2.4% and the benchmark ASPI by 1.7%. Turnover was Rs. 1.5 billion involving 57.3 million shares.
Foreigners also turned net sellers to the tune of over Rs. 300 million.
Asia Securities said the indices moved downwards throughout the session due to broad-based decline triggered by price losses in front-line stocks LIOC (-7.1%), EXPO (-4.9%), LOFC (-1.4%), LOLC (-1.8%), and RCL (-3.5%). However, AGST (+1.5%), HEXP (+8.4%), and DIAL (+1.3%) closed higher in an otherwise negative session.
Turnover was led by COMB (Rs. 403 million), LIOC (Rs. 241 million), and EXPO (Rs. 146 million). Foreigners generated a net outflow of Rs. 383 million due to net selling in COMB (Rs. 400 million). Overall, 34 stocks recorded price gains during the session while 158 settled with losses.
First Capital said the Bourse regressed to red yet again on the back of heavy selling on retail favourites LIOC and EXPO. Profit booking in LIOC intensified as investors expected further price reductions in fuel as the country intents to procure oil from Russia at a possibly lower price. As the market commenced, index moved on a downward trajectory and continued to decline further throughout the day’s proceedings with retailers turning to book profits as negativity loomed and closed for the day at 8,737 losing 151 points.
NDB Securities said the ASPI closed in red as a result of price losses in counters such as Lanka IOC, Expolanka Holdings and Vallibel One.
It said high net worth and institutional investor participation was noted in Commercial Bank. Mixed interest was observed in Lanka IOC and Expolanka Holdings and whilst retail interest was noted in SMB Leasing (voting and nonvoting), Browns Investments and LOLC Finance.
The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index lost 0.23%. The share price of Commercial Bank decreased by 30 cents to close at Rs. 50.
Energy sector was the second highest contributor to the market turnover (due to Lanka IOC) whilst the sector index decreased by 6.47%. The share price of Lanka IOC lost Rs. 15.25 (7.06%) to close at Rs. 200.75.
Expolanka Holdings, CIC Holdings nonvoting and Lanka Walltiles were also included amongst the top turnover contributors. The share price of Expolanka Holdings moved down by Rs. 7.50 (4.85%) to close at Rs. 147. The share price of CIC Holdings nonvoting recorded a loss of Rs. 1.30 (1.81%) to close at Rs. 70.40. The share price of Lanka Walltiles declined by Rs. 2 (2.82%) to close at Rs. 68.90.
