Stock indices down midst higher turnover, net foreign inflow

The Colombo stock market continued its bearish run yesterday though turnover improved and welcome but modest net foreign inflow.

Acuity Stockbrokers said the Bourse ended on a negative note as the ASPI decreased by 0.23% or 13.82 points to close at 6,045.27 points, while the S&P SL20 Index also decreased by 0.23% or 6.76 points to close at 2,946.34.

Turnover increased by 147.7% relative to Wednesday to amount to Rs. 556 million while the crossings for the day amounted to 53.0% the day’s total turnover.

Foreign Investors recorded a net inflow of Rs. 25.2 million over the day compared to a net outflow of Rs. 45.8 million recorded on Wednesday.

NDB Equities said the ASPI closed in red as a result of price losses in counters such as Ceylon Cold Stores, Sri Lanka Telecom and Melstacorp. A similar behavior was witnessed in the S&P SL20. 

Crossings were witnessed in John Keells Holdings, Ceylon Tobacco Company and Bimputh Finance, accounting for 53.0% of the turnover. Mixed interest was observed in Sampath Bank, Tokyo Cement Company and Ceylon Cold Stores whilst retail interest was noted in ACL Cables, Hatton National Bank and Richard Pieris Exports. Foreigners remained active closing as net buyers mainly due to purchasing in John Keells Holdings. Total foreign purchases accounted for 41.6% of the turnover.

Diversified sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged down by 0.10%. The share price of John Keells Holdings increased by Rs. 0.40 (0.24%) closing at Rs. 164.70 whilst foreign holdings increased by 1,000,000 shares. Beverage, Food and Tobacco sector was the second highest contributor to the market turnover (due to Ceylon Cold Stores and Ceylon Tobacco Company) whilst the sector index decreased by 0.84%. The share price of Ceylon Cold Stores lost Rs. 52.70 (6.40%) to close at Rs. 770.10. The share price of Ceylon Tobacco Company closed flat at Rs. 1,106.00. Tokyo Cement Company and Sampath Bank were also included amongst the top turnover contributors. The share price of Tokyo Cement Company recorded a gain of Rs. 0.20 (0.43%) to close at Rs. 46.50. The share price of Sampath Bank declined by Rs. 1.00 (0.60%) to close at Rs. 167.00.