Stock market opens week on negative note

• Net foreign inflow, better turnover in comparison to Friday

The Colombo stock market opened a fresh week on a negative note with both indices down though turnover improved in comparison to Friday. 

Acuity Stockbrokers said the ASPI decreased by 0.58% or 33.45 points while the S&P SL20 Index also decreased by 0.16% or 4.29 points. Market turnover increased by 84.7% to Rs. 770 million as against Friday and crossings accounted for 21.3% of the day’s turnover. 

Foreign investors accounted for a net inflow of Rs. 232.6 million compared to a net outflow of Rs. 54.5 million Friday. Total foreign purchases accounted for 51.8% of the turnover. Foreign buying was mainly seen in JKH and SPEN according to LOLC Securities.

NDB Equities said the ASPI closed in red as a result of price losses in counters such as Ceylon Tobacco Company, John Keells Holdings and Distilleries.

High net worth and institutional investor participation was noted in John Keells Holdings, Colombo City Holdings, Sampath Bank and Aitken Spence Plantation Managements. Mixed interest was observed in Aitken Spence and Browns Investments whilst retail interest was noted in Sinhaputhra Finance. Furthermore, foreigners remained active, closing as net buyers mainly due to foreign purchasing in John Keells Holdings.  The Diversified sector was the top contributor to market turnover (due to John Keells Holdings, Aitken Spence and Browns Investments) whilst the sector index lost 0.44%. The share price of John Keells Holdings decreased by Rs. 1.60 (1.03%), closing at Rs. 153.80 whilst foreign holdings increased by 1,170,156 shares. The share price of Aitken Spence recorded a gain of Rs. 0.50 (1.15%) to close at Rs. 44.00. The share price of Browns Investments declined by Rs. 0.20 (4.65%) to close at Rs. 4.10.

The Stores and Supplies sector was the second highest contributor to the market turnover (due to Colombo City Holdings) whilst the sector index increased by 2.49%. The share price of Colombo City Holdings gained Rs. 140.60 (15.46%) to close at Rs. 1,050.00.

Sampath Bank was also included amongst the top turnover contributors. The share price of Sampath Bank edged up by Rs. 0.10 (0.07%) to close at Rs. 153.00.