Colombo stock market reverts to negative territory after two days of gain

Friday, 26 July 2024 00:06 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday reverted to negative territory after two days of positive closing amidst low investor activity.

The active S&P SL20 declined by 0.8% and the benchmark ASPI by 0.5%. Turnover was Rs. 503 million involving 20.3 million shares.

First Capital said the Colombo bourse slipped into negative territory, influenced by subdued investor sentiment amid uncertainties regarding the country’s political landscape. Consequently, ASPI concluded the day at 11,641, losing 61 points after two continuous sessions of gains, reflecting the ongoing market volatility.

It said the index heavyweights dragged the market down significantly where LOLC, MELS, HNB, COMB and CFIN emerged as the top negative contributors.

Despite muted participation of the HNWIs for the second consecutive day retail investors largely contributed to the overall turnover, which was down 58% from the month’s average. The Banking sector led the turnover with 16%, followed by the Capital Goods and Food, Beverage and Tobacco sectors jointly contributing 30% to the overall turnover.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Hotels, Ceylon Tobacco Company and Dialog Axiata. Mixed interest was observed in Dialog Axiata, Sampath Bank and LB Finance whilst retail interest was noted in Browns Investments, People’s Leasing and Finance and Citrus Leisure.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank) whilst the sector index lost 0.80%. The share price of Sampath Bank recorded a loss of 50 cents to Rs. 76.10.

The Capital Goods sector was the second highest contributor to the market turnover whilst the sector index decreased by 0.61%.

John Keells Hotels, Ceylon Tobacco Company, Dialog Axiata and LB Finance were also included amongst the top turnover contributors. The share price of John Keells Hotels decreased by 30 cents to Rs. 16.50. The share price of Ceylon Tobacco Company lost Rs. 5 to Rs. 1,230.00. The share price of Dialog Axiata moved down 10 cents to Rs. 9.50. The share price of LB Finance appreciated by 20 cents to Rs. 66.20.