Stock market starts fresh week negative

The Colombo stock market opened a fresh week on a negative note as investor sentiment remained bearish.

Acuity Stockbrokers said the ASPI decreased by 0.30% or 17.41 points while the S&P SL20 Index also decreased by 0.23% or 6.31 points.

Market Turnover decreased by 10.6% relative to Friday to amount to Rs. 480 million while the crossings accounted for 61.5% of the day’s total turnover.  Foreign Investors meanwhile, recorded a net outflow of Rs. 299 million over the day compared to a net outflow of Rs. 129 million last Friday. NDB Securities said the ASPI closed in red as a result of price losses in counters such as Dialog Axiata, Central Finance Company and Commercial Leasing & Finance. A similar behaviour was witnessed in the S&P SL20. Crossings were witnessed in John Keells Holdings, accounting for 61.5% of the turnover. Mixed interest was observed in National Development Bank and Commercial Bank. Whilst retail interest was noted in Browns Investments, First Capital Holdings and Access Engineering. Furthermore, foreigners remained active closing as net sellers mainly due to foreign selling in John Keells Holdings. Diversified sector was the top contributor to the market turnover (due to John Keells Holdings and Browns Investments) whilst the sector index edged down by 0.09%. The share price of John Keells Holdings increased by Rs. 1.70 (1.13%) closing at Rs. 151.80 whilst foreign holdings decreased by 1,980,770 shares. The share price of Browns Investments lost Rs. 0.10 (2.13%) to close at Rs. 4.60. Banks, Finance and Insurance sector was the second highest contributor to the market turnover (due to National Development Bank and First Capital Holdings) whilst the sector index decreased by 0.45%. The share price of National Development Bank edged up by Rs. 0.10 (0.10%) to close at Rs. 99.00.  The share price of First Capital Holdings recorded a loss of Rs. 1.20 (2.35%) to close at Rs. 49.90. Access Engineering was also included amongst the top turnover contributors. The share price of Access Engineering declined by Rs. 0.50 (2.70%) to close at Rs. 18.00.