Downward trend at Colombo stock market persists

Friday, 23 August 2024 00:04 - - {{hitsCtrl.values.hits}}

The Colombo stock market continued its downward trend yesterday though turnover improved due to crossings.

The active S&P SL20 declined by 0.4% and the benchmark ASPI by 0.2%. Turnover was Rs. 798 million involving 42.6 million shares.

First Capital said the broad market experienced another day of downturn as the banking sector counters and blue chips dragged the market down, while retail participation remained stagnant. The ASPI closed in red for the fourth straight session at 11, 458 losing 24 points. Amidst the improved participation of HNW investors, turnover showed a 3.6% increase from the month’s average whilst five off-board transactions took place on COMB, DIAL, TYRE, HNB and JKH.

The Banking sector dominated turnover by 42%, followed by the Telecommunication Services and Capital Goods sectors jointly contributing 26% of overall turnover. Foreign investors turned net buyers, with a net inflow of Rs. 15.6 million.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as Sampath Bank, Ceylon Tobacco Company and Commercial Bank. Crossings were witnessed in Commercial Bank, Dialog Axiata and Kelani Tyres accounting for 42.1% of the turnover. Mixed interest was observed in Hatton National Bank, John Keells Holdings and Associated Motor Finance Company whilst retail interest was noted in Tess Agro, Nation Lanka Finance and Co. [1] Operative Insurance Company.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank and Hatton National Bank) whilst the sector index lost 0.69%. The share price of Commercial Bank decreased by 70 cents to Rs. 93. The share price of Hatton National Bank recorded a loss of Rs. 1.25 to Rs. 183.

The Telecommunication Services sector was the second highest contributor to the market turnover (due to Dialog Axiata) whilst the sector index edged down by 0.05%. The share price of Dialog Axiata closed flat at Rs. 9.

Kelani Tyres and John Keells Holdings were also included amongst the top turnover contributors. The share price of Kelani Tyres moved up by one Rupee to Rs. 79.20. The share price of John Keells Holdings declined by Rs. 1.25 to Rs. 181.