Stock market sees net foreign buying indices down

The Colombo stock market yesterday witnessed net foreign buying though indices declined as bearish sentiments persist. 

Acuity Stockbrokers said the Bourse ended on a negative note as the ASPI decreased by 0.21% or 12.92 points to close at 6,031.81 points, while the S&P SL20 Index also decreased by 0.62% or 18.20 points to close at 2,927.69.

Turnover decreased by 48.4% relative to last Friday to amount to Rs. 359.5 million while the crossings for the day amounted to 42.8% the day’s total turnover. Foreign Investors meanwhile, recorded a net inflow of Rs. 147.2 million over the day compared to a net outflow of Rs. 85.3 million recorded on Friday.

NDB Equities said the ASPI closed in red as a result of price losses in counters such as Distilleries, Bukit Darah and Dialog Axiata.  A similar behaviour was witnessed in the S&P SL20.

Crossings were witnessed in John Keells Holdings, accounting for 42.8% of the turnover. 

Mixed interest was observed in Browns Investments, Seylan Bank nonvoting and Overseas Realty whilst retail interest was noted in Panasian Power and Lanka Orix Finance.

Furthermore, foreigners remained active closing as net buyers mainly due to foreign purchasing in John Keells Holdings. Total foreign purchases accounted for 52.2% of the turnover.

Diversified sector was the top contributor to the market turnover (due to John Keells Holdings and Browns Investments) whilst the sector index gained 0.27%. The share price of John Keells Holdings edged up by Rs 0.10 (0.06%) closing at Rs 164.60 whilst foreign holdings increased by 1,127,577 shares. The share price of Browns Investments moved up by Rs 0.20 (4.55%) to close at Rs 4.60.

Banks, Finance and Insurance sector was the second highest contributor to the market turnover (due to Sampath Bank, Hatton National Bank nonvoting and Seylan Bank nonvoting) whilst the sector index decreased by 0.37%. The share price of Sampath Bank lost Rs 1.90 (1.14%) to close at Rs 165.00. The share price of Hatton National Bank nonvoting recorded a loss of Rs 1.00 (0.73%) to close at Rs 136.00. The share price of Seylan Bank nonvoting declined by Rs 0.10 (0.31%) to close at Rs 32.00.