Sentiment at CSE subdued but crossing boosts turnover to Rs. 1 b

Investor sentiment at the Colombo stock market remained subdued amidst festive season but turnover crossed the Rs. 1 billion mark influenced by a crossing.

The benchmark ASPI was almost flat whilst S&PSL20 gained by nine points.

Asia Securities said the indices turned range-bound with the ASPI hovering between 10,600 - 10,630 throughout the session. Nevertheless, the S&P SL20 index showed a relatively positive performance supported by price gains in JKH (+1.3%), DIAL (+1.1%), DFCC (+1.4%), NTBN (+1.9%), and CICN (+1.9%). The breadth of the market was neutral with 70 price gainers and 73 decliners.

Turnover was led by LOLC General Insurance (LGIL) (Rs. 720 million) attributed to a crossing of Rs. 696 million executed during the session.  Foreigners recorded a net outflow of Rs. 1.3 million. Net foreign buying topped in TKYO.X at Rs. 31.4 million and selling topped in MELS at Rs. 33.2 million.

First Capital said the Bourse once again ended in the red zone, however with only a marginal 0.4 point drop in the index. 

“The Index was quite unstable throughout the session and fluctuated multiple times from red to green but ended relatively unchanged, largely due to low participation amongst investors amidst the holiday season,” First Capital said. 

It said JKH and CCS were the main positive contributors to the end index whereas CDB and LOLC were the biggest negative contributors. Today’s session saw a heightened interest in counters in the construction sector such as TKYO and MELS. 

NDB Securities said mixed interest was observed in Tokyo Cement Company nonvoting, Melstacorp and Access Engineering whilst retail interest was noted in Industrial Asphalts, Amana Bank and Associated Motor Finance Company. 

The Insurance sector was the top contributor to the market turnover (due to LOLC General Insurance Limited) whilst the sector index gained 0.33%. The share price of LOLC General Insurance increased by 90 cents to Rs. 6.90.

The Capital Goods sector was the second highest contributor to the market turnover (due to Access Engineering and John Keells Holdings) whilst the sector index increased by 0.68%. The share price of Access Engineering recorded a gain of 50 cents to Rs. 20.30. The share price of John Keells Holdings appreciated by Rs. 2.50 to Rs. 191.50.

Tokyo Cement Company nonvoting and Melstacorp were also included amongst the top turnover contributors. The share price of Tokyo Cement Company nonvoting gained 30 cents to Rs. 34.90. The share price of Melstacorp edged up by 10 cents to Rs. 84.60.