Dismal run continues at Colombo stock market

Friday, 19 January 2024 00:15 - - {{hitsCtrl.values.hits}}

The dismal run at the Colombo stock market continued to the eighth day with trading activity hitting a new recent low.

The active S&P SL20 declined by 0.6% and the benchmark ASPI was down 0.2%. Turnover was a low Rs. 494 million involving a mere 22 million shares.

Asia Securities said the indices closed in red with lower turnover on 18 Thursday. LIOC (-0.9%), NTBN (-1.4%), SCAP (-4.4%), LOFC (-2.2%), SLTL (-1.3%), and MELS (-1.5%) recorded price losses while CFIN (+2.0%), AEL (+2.1%), SUN (+1.9%), and FCT (+2.1%) saw price increases during the session.

Overall, 62 stocks ended in green while 75 settled with losses. With a crossing worth of Rs. 65 million, LIOC took the top spot on the turnover list.

Asia also said foreigners recorded a net outflow of Rs. 10.3 million.

Net foreign buying topped in TJL.N at Rs. 25.2 million and selling topped in in JKH Rs.18.2 million.

First Capital said the bourse closed in the red zone for the 8th consecutive session with selling pressure observed on blue chip counters and banks.

The S&P SL20 index was recorded at 2,957 which is a near 3-month low. ASPI observed a peak towards mid-day but then fell straight after and ended the day at 10,461.

It said profit taking on the Banking Sector counters further extended to today’s session, and thereby was also a contributor to the fall in today’s index. However, on the flip side, renewed interest was observed in the Diversified Financial sector, which was amongst the positive contributors to the index. Turnover was 57% lower than the daily average of Rs. 1.2 billion.

NDB Securities said crossings were witnessed in Lanka IOC and Cargills Bank, accounting for 17.8% of the turnover. Mixed interest was observed in Nations Trust Bank, John Keells Holdings and Lanka Milk Foods whilst retail interest was noted in Browns Investments, LOLC Finance and Associated Motor Finance Company.

The Banking sector was the top contributor to the market turnover (due to Nations Trust Bank) whilst the sector index lost 0.67%. The share price of Nations Trust Bank lost Rs. 1.50 to Rs. 102.50.

The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC) whilst the sector index decreased by 0.60%. The share price of Lanka IOC decreased by 90 cents to Rs. 98.40.

John Keells Holdings, Lanka Milk Foods and Teejay Lanka were also included amongst the top turnover contributors. The share price of John Keells Holdings moved down by Rs. 1.25 to Rs. 183.75. The share price of Lanka Milk Foods recorded a loss of 90 cents to Rs. 20.10. The share price of Teejay Lanka appreciated by 20 cents to Rs. 37.