Mixed fortunes at CSE

Friday, 5 January 2024 00:03 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday saw mixed fortunes with indices going in different directions amidst moderate investor activity.

The benchmark ASPI gained by 25 points or 0.2% whilst the active S&P SL20 declined by 6 points or 0.2%. Turnover was Rs. 627 million involving 43.7 million shares.

The market also saw net foreign outflow for the third consecutive trading day of the new year.

Asia Securities said the ASPI extended its upward momentum for a 5th consecutive session on largely on the back of price gains in SCAP (+2.6%), MELS (+1.3%), RICH (+4.7%), GLAS (+1.8%), and SUN (+2.2%). However, the S&P SL20 index closed down, dragged by AAIC

(-3.5%), JKH (-0.5%), COMBN (-0.4%), and DIAL (-2.2%).

RICH (+8 points), CTC (+7 points), and MELS (+6 points) ended as the major contributors to the ASPI. The breadth of the market was positive with 92 price gainers and 66 decliners.

Market turnover was led by SCAP

(Rs. 69 million), MELS (Rs. 47 million), and JKH (Rs. 37 million).

Foreigners recorded a net outflow of Rs. 48.4 million. Net foreign buying topped in SCAP.N at Rs. 4.2 million and selling topped in JKH at Rs. 27.7 million.

First Capital said the Bourse ended in the green today for the 5th consecutive session. ASPI started off slowly dropping into the red zone but saw a resurgence towards midday and ended in the green zone at a 25-point increase to 10,740. RICH, CTC and MELS were the biggest positive contributors towards ASPI.

The Food, Beverages and Tobacco sector and the Insurance sector were the biggest contributors to the total market turnover with a joint contribution of 35.7%.

NDB Securities said high net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Melstacorp, John Keells Holdings and Commercial Bank whilst retail interest was noted in Softlogic Capital, Lanka Credit and Business Finance and SMB Leasing.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Melstacorp) whilst the sector index gained 0.83%. The share price of Melstacorp gained Rs. 1.20 (1.32%) to Rs. 92.20.

Insurance sector was the second highest contributor to the market turnover whilst the sector index decreased by 0.20%.

Softlogic Capital, John Keells Holdings, Commercial Bank and Lanka IOC were also included amongst the top turnover contributors. The share price of Softlogic Capital increased by 20 cents to Rs. 8.

The share price of John Keells Holdings moved down by one Rupee to Rs. 190. The share price of Commercial Bank recorded a loss of 40 cents to

Rs. 95.50. The share price of Lanka IOC appreciated by 25 cents to Rs 102.