Colombo stock market starts fresh week on negative note

The Colombo stock market began a fresh week on a negative note amidst lacklustre turnover.

The active S&P SL20 declined by 0.7% and the benchmark ASPI dipped by 0.2%. Turnover was Rs. 676.6 million involving 42.8 million shares.

Asia Securities said the indices commenced the week in red due to price losses in EXPO (-1.2%), LIOC (-2.9%), HAYL (-1.0%), and COMBN (-1.7%), ACL (-1.9%), SCAP (-4.4%), and LOFC (-1.9%).

CTC saw a pick-up in buying interest during the session, resulting in the stock gaining 7.4% for the day. On the other hand, LLUB (+1.4%), HNBN (+2.7%), NTBN (+7.0%), SEYBX (+4.0%) saw sizable gains during the session.

CTC came in as the biggest index mover (+16 points), followed by HNBN (+9 points) while DIAL (-9 points), and COMB (-7 points) ended as major laggards on the index. Overall, 54 stocks ended in green while 112 ended with losses.

Turnover was led by EXPO (Rs. 171million), CTC (Rs. 83 million), and LIOC (Rs. 58 million).

Asia also said foreigners recorded a net inflow of Rs. 27.5 million. Net foreign buying topped in LLUB.N at Rs. 15.2 million ($ 49k) and selling topped in SAMP.N at Rs. 0.3 million.

First Capital said the bourse closed after a volatile trading session as the index fell below 8,900 points during mid-day yet recovered towards the end partially offsetting the losses as it halted at 8,906 losing 22 points. 

Moreover, CTC was one of the top gainers for the day as it triggered movement due to the notable cash dividend announcement amidst successful earnings in the 1Q2023. Furthermore, Banking sector counters such as HNB, NTB and NDB had revitalised interest backed by exceptional 1Q2023 quarterly earnings.

NDB Securities said High net worth and institutional investor participation was noted in Ceylon Tobacco Company. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Sampath Bank whilst retail interest was noted in Blue Diamonds Jewellery Worldwide (voting and nonvoting), Browns Investments and Marawila Resorts.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index lost 1.15%. The share price of Expolanka Holdings decreased by Rs. 1.75 to Rs. 149.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Ceylon Tobacco Company) whilst the sector index increased by 0.87%. The share price of Ceylon Tobacco Company gained Rs. 57.50 to Rs. 837.25.

Lanka IOC, Sampath Bank and Chevron Lubricants were also included amongst the top turnover contributors. The share price of Lanka IOC moved down by Rs. 4.25 to Rs. 140.25. The share price of Sampath Bank recorded a loss of 30 cents to Rs. 52. The share price of Chevron Lubricants appreciated by Rs. 1.20 to Rs. 87.20.