Stock market stays negative

The Colombo stock market remained bearish for the second consecutive day despite higher turnover. 

Acuity Stockbrokers said the Bourse ended on a negative note as the ASPI decreased by 0.92% or 51.20 points while the S&P SL20 index also decreased by 1.47% or 38.00 points. Turnover increased by 58.8% relative to Wednesday to amount to Rs. 760 million while the crossings for the day accounted for 25.5% of the day’s total turnover.

Foreign Investors meanwhile, recorded a net outflow of Rs. 198.4 million compared to a net outflow of

Rs. 51.9 million on Wednesday. NDB Securities said indices closed in red as a result of price losses in counters such as John Keells Holdings, Commercial Bank and Hatton National Bank. High net worth and institutional investor participation was noted in Commercial Bank, Melstacorp and John Keells Holdings. Mixed interest was observed in Sampath Bank and Teejay Lanka whilst retail interest was noted in Browns Investments, Access Engineering and Chevron Lubricants. Furthermore, foreigners remained active closing as net sellers. Total foreign sales accounted for 53.8% of the turnover.

Banks sector was the top contributor to the market turnover (due to Commercial Bank and Sampath Bank) whilst the sector index lost 1.94%. The share price of Commercial Bank decreased by Rs 3.50 (4.14%) to close at Rs 81.00. The share price of Sampath Bank moved down by Rs 0.70 (0.45%) to close at Rs 153.80.

Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp) whilst the sector index decreased by 0.45%. The share price of Melstacorp lost Rs 0.40 (1.20%) to close at Rs 33.00.John Keells Holdings and Teejay Lanka were also included amongst the top turnover contributors. The share price of John Keells Holdings recorded a loss of Rs 2.70 (1.83%) to close at Rs 144.80. The share price of Teejay Lanka declined by Rs 0.20 (0.57%) to close at Rs 34.60.