Negative run persists at CSE

The negative run of the Colombo stock market continues as investor sentiment remains lacklustre. 

The active S&P SL20 Index was down by 1.3% and the benchmark ASPI was lower by 0.6%. Turnover was Rs. 1.6 billion involving 103.7 million shares. 

Asia Securities said the indices turned range bound s heavyweight front-line stocks ended mixed for the day. LOLC group stocks BIL (+5.3%), LOFC (+3.1%), and LOLC (+0.5%) regained ground after consecutive sessions of losses while EXPO (2.5%), JKH (-1.3%), and SAMP (2.0%) continued their downward trend during the session. 

It said activity remained moderate throughout the day with turnover led by BIL (Rs. 527 million), EXPO (Rs. 362 million), and LIOC (Rs. 107 million). 

“Earlier, the ASPI commenced trading with a 78-point gap-down to 8,292, however the index gained 60 points and headed back towards the 8,350 level mid-day. The ASPI witnessed another downtick of 46 points at the back end of the session and eventually settled at 8,320. Overall, 72 stocks ended higher while 104 closed in red,” Asia said. 

It also said foreigners recorded a net outflow of Rs. 47 million. Net foreign buying topped in EXPO at Rs. 3.4 million and selling topped in LIOC at Rs. 17.4 million. 

NDB Securities said indices closed in red as a result of price losses in counters such as Expolanka Holdings, Sampath Bank and John Keells Holdings.

It said high net worth and institutional investor participation remained subdued for the day whilst mixed interest was observed in Expolanka Holdings, Lanka IOC and LOLC Holdings. Retail interest was noted in Browns Investments, LOLC Finance and Prime Lands Residencies. 

Food, Beverage, and Tobacco sector was the top contributor to the market turnover (due to Browns Investments) whilst the sector index gained 0.43%. The share price of Browns Investments increased by 50 cents (5.26%) to close at Rs. 10. 

Transportation sector was the second-highest contributor to the market turnover (due to Expolanka Holdings) whilst the sector index decreased by 2.53%. The share price of Expolanka Holdings lost Rs. 5.75 (2.51%) to close at Rs. 223.

Lanka IOC, LOLC Finance and LOLC Holdings were also included among the top turnover contributors. The share price of Lanka IOC moved down by 70 cents (1.10%) to close at Rs. 63.20. The share price of LOLC Finance recorded a gain of 30 cents (3.13%) to close at Rs. 9.90. The share price of LOLC Holdings appreciated by Rs. 2.75 (0.45%) to close at Rs. 607.25.

Separately, Swisstek announced an interim dividend of 90 cents per share whilst C.W. Mackie announced their first and final dividend of Rs. 10 per share. Watawala Plantations and Citizens Development Business Finance announced their final dividends of Rs. 8 and Rs. 3.75 per share respectively.