Lacklustre days continue at Colombo stock market

The Colombo stock market remained lacklustre yesterday with indices closing on a mixed note amidst low investor activity.

The active S&P SL20 gained 2.6 points and the benchmark ASPI declined by over 12 points. Turnover was Rs. 547 million involving 24.6 million shares.

Asia Securities said indices turned range bound due to mixed performance in front-line counters. SAMP (+1.2%), PABC (+1.0%), PLR (+2.4%), and PACK (+1.5%) closed higher while CCS (-1.7%), DIAL (-1.1%), and AEL (-1.4%) ended in red during the session.

SAMP (+7 points) ended as the major driver of the ASPI while CINS (-8 points), LOLC (-4 points), and SEMB (-2 points) were the biggest laggards on the index.  The breadth of the market was neutral with 64 price gainers and 71 decliners.

Turnover was led by SAMP (Rs. 112 million) while off-board transactions in MELS (Rs. 49 million) and PABC (Rs. 30 million) supported market turnover.

Foreigners recorded a net outflow of Rs. 0.6 million. Net foreign buying topped in LLUB at Rs. 1.2 million and selling topped in CCS at Rs. 1.8 million.

First Capital said the Bourse ended the day on a mixed note with ASPI recording a dip of 0.1% whilst S&P SL20 index recorded a marginal gain of 0.1%. The ASPI experienced a volatile day of trading with sideways movement before closing the day at 11, 482, losing 12 points with majority of the defensive shares recording price declines across the board. However, the Banking sector counters experienced revitalised buying interest during the day.

The Banking sector dominated turnover by 32% after several trading sessions, followed by the Capital Goods and Food, Beverage & Tobacco sectors jointly contributing 38% of overall turnover.

NDB Securities said high net worth and institutional investor participation was noted in Sampath Bank, Melstacorp and Pan Asia Banking Corporation. Mixed interest was observed in John Keells Holdings, Prime Lands Residencies and ACL Cables whilst retail interest was noted in Nation Lanka Finance, SMB Leasing nonvoting and Marawila Resorts.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank and Pan Asia Banking Corporation) whilst the sector index gained 0.27%. The share price of Sampath Bank increased by 90 cents to Rs. 77.90. The share price of Pan Asia Banking Corporation moved up by 30 cents to Rs. 20.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged up by 0.03%. The share price of John Keells Holdings recorded a loss of 25 cents to Rs. 182.25.

Melstacorp and Prime Lands Residencies were also included amongst the top turnover contributors. The share price of Melstacorp lost 20 cents to Rs. 81.70. The share price of Prime Lands Residencies appreciated by 20 cents to Rs. 8.50