Mixed investor sentiments at Colombo stock market

Wednesday, 16 October 2024 00:08 - - {{hitsCtrl.values.hits}}

The Colombo stock market produced mixed sentiments yesterday amidst lacklustre investor activity.

The benchmark ASPI gained by 0.09%, while the active S&P SL20 dipped by 0.20%. Turnover was Rs. 1.85 billion involving 141.07 million shares.

Foreigners saw a net foreign inflow of Rs. 139.7 million signalling interest in local investments.

Asia Securities said Capital Goods, Consumer Services, Telecommunication Services and Food, Beverage and Tobacco sectors led activity, collectively accounting for 68.6% of turnover.

Foreigners recorded a net inflow of Rs. 139.7 million while their participation increased to 15.4% of turnover (previous day 9.6%). Net foreign buying topped in JKH.N at Rs. 240.9 million, while net foreign selling topped in DIAL.N at Rs. 206.3 million. Crossings accounted for 24% of turnover led by JKHN (Rs. 239.4 million) and DIALN (Rs. 205.7 million). Market P/E was 8.26.

First Capital Research said the bourse experienced a day of increased volatility as mixed sentiment dominated the market. The ASPI began the day on a dull note, recovering by midday to close at 12,258, gaining 11 points and marking a 0.09% increase from the previous day.

The most significant contributors towards the positive index were SLTL, MELS, DIAL, LHCL, and CARG. Increased sentiment was displayed amongst hotel stocks, whilst sustained positive sentiment previously seen amongst banks and plantation sector firms diminished.

Turnover saw an increase, standing at Rs. 1.9 billion, marking a 27.3% increase from the previous day, where the Capital Goods sector led turnover at 22.4%, followed by the Consumer Services, and Telecommunication Services jointly contributing to 33.4% of overall turnover.

NDB Securities said the ASPI edged up as a result of price gains in counters such as Sri Lanka Telecom, Melstacorp and Dialog Axiata with the turnover crossing Rs. 1.8 billion. Meanwhile, the S&P SL20 closed in red.

High net worth and institutional investor participation was noted in John Keells Holdings, Dialog Axiata and Commercial Bank. Mixed interest was observed in Citrus Leisure, Hela Apparel Holdings and Sampath Bank whilst retail interest was noted in Marawila Resorts, LOLC Finance and SMB Leasing. Furthermore, foreigners closed as net buyers.

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.12%. The share price of John Keells Holdings decreased by 50 cents, to close at Rs. 196.50.

Consumer Services sector was the second highest contributor to the market turnover (due to Citrus Leisure) whilst the sector index increased by 0.66%. The share price of Citrus Leisure lost 60 cents to close at Rs. 4.50. Dialog Axiata, Commercial Bank and Hela Apparel Holdings were also included amongst the top turnover contributors. The share price of Dialog Axiata moved up by 30 cents to close at Rs. 10.30. The share price of Commercial Bank closed flat at Rs. 108. The share price of Hela Apparel Holdings appreciated by 10 cents to close at Rs. 7.10.