The Colombo stock market began a fresh week on a negative note as investor sentiment remained lacklustre amid low participation, though there was profit taking.

The All Share Price Index was down by over 29 points, or 0.3%, and the S&PSL20 dipped by over 1%, or 43 points. Turnover was Rs. 2.57 billion involving 115.4 million shares. 

First Capital said the bourse slipped into the red as investors resorted to booking profit, while recording a turnover at a two-and-a-half week low.

“The index opened on a positive note but failed to uphold the momentum as it began to set on a downslide during early hours of trading. Subsequently, the market moved on a sideways drift throughout the session while hitting an intraday low of 9,619. The index displayed a slight recovery towards the latter part of the session and closed for the day at 9,649,” First Capital added.

It said turnover was generated by a joint contribution of 36% from the Capital Goods sector followed by the Materials sector.

Asia Securities also said that, following three consecutive sessions of gain, the ASPI closed lower as investors booked profits in selected index-heavy and Banking sector stocks that extended decent gains in the last few sessions.

“On the sectoral front, standing to benefit substantially from the price increases announced in LPG, the Energy sector stocks saw a pickup in activity and ended sharply higher,” Asia said, adding that turnover was at its lowest since 23 September.

“Earlier, the ASPI commenced trading with a 27-point gap up but moved downwards subsequently due to price declines in EXPO, JKH and COMB, and reached an intra-day low of 9,620 (-59 points), before staging a brief 30-point recovery during close hours. Overall, 83 stocks ended higher today while 109 stocks settled with price losses,” Asia said.

It also said foreigners recorded a net outflow of Rs. 108.3 million while their participation increased to 3.7% of turnover (from Friday’s 1%). Estimated net foreign buying topped in Three Acre Farms at Rs. 21.5 million and net foreign selling topped in HNB.N at Rs. 65.3 million.

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

It said high net worth and institutional investor participation was noted in Hatton National Bank, National Development Bank and Royal Ceramics. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Tokyo Cement Company nonvoting, while retail interest was noted in Industrial Asphalts, Agstar and Browns Investments.

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics), while the sector index lost 0.72%. The share price of Royal Ceramics moved up by 40 cents (0.84%) to close at Rs. 48.

The Materials sector was the second highest contributor to the market turnover (due to Agstar), while the sector index increased by 0.69%. The share price of Agstar recorded a gain of Rs. 2.30 (23.71%) to close at Rs. 12.

Expolanka Holdings, Lanka IOC and Browns Investments were also included amongst the top turnover contributors. The share price of Expolanka Holdings decreased by Rs. 2.50 (1.30%) to close at Rs. 190.25. The share price of Lanka IOC gained Rs. 3 (12.66%) to close at Rs. 26.70. The share price of Browns Investments closed flat at Rs. 10.70.

Separately, Union Chemicals Lanka announced an interim dividend of Rs. 15 per share.

Negative start for Colombo bourse in fresh week