Friday Nov 29, 2024
Friday Nov 29, 2024
Tuesday, 20 September 2022 00:55 - - {{hitsCtrl.values.hits}}
The Colombo stock market began a fresh week on a negative note with low investor activity influenced by bearish sentiment.
Both indices declined marginally whilst turnover dropped to Rs. 3.3 billion involving 103 million shares.
On Friday the CSE completed its third consecutive weekly gain with strong investor participation.
Asia Securities said the indices commenced the week on a lower note largely due to price losses in JKH (-2.6%), COMB (-2.3%), LOLC (-2.7%), LOFC (-3.2%), SAMP (-1.8%), and EXPO (-1.5%).
On the other hand, RICH (+6.8%), DIPD (+12.6%), and LIOC (+2.2%) ended with price gains.
Following a gap-up of 83 points, the ASPI reversed course and slipped below the 10,000 level, reaching an intra-day low of 9,995 (-66 points).
However, the index recovered subsequently and consolidated in the range of 10,000-10,050 at market close. Turnover came in at Rs. 3,335 million (previous session Rs. 5,344 million) as investors took to the side-lines amid a slowdown in momentum. LIOC topped the turnover list (Rs. 627 million) followed by ACL (Rs. 326 million), and EXPO (Rs. 283 million).
The breadth of the market turned negative with 88 price gainers and 131 decliners.
Asia also said foreigners recorded a net inflow of Rs. 37.1 million while their participation declined to 1.6% of turnover (previous day 17.5%). Net foreign buying topped in MELS at Rs. 9.9 million and selling topped in COMB.N at Rs. 5.5 million.
First Capital said the Bourse continued its sideways momentum yet another day as sizable selling pressure was witnessed on index heavyweights with investors taking out profits from appreciated shares.
As investors displayed mixed sentiment, index spiked by over 80 points in the beginning, yet failed to sustain the momentum, hovering around 10,000 level and closed the day at 10,025, losing 36 points. Meanwhile, part of the lost momentum was regained towards the mid-day by price increases in LIOC and HAYL.
A sizable collection was witnessed on LIOC as the Government approved to build a refinery in Trincomalee. Turnover dropped to Rs. 3.3 billion (13% less than the monthly average turnover of Rs. 3.9 billion) due to the slowdown in investor activities.
NDB Securities said high net worth and institutional investor participation were noted in Hayleys, John Keells Holdings and Melstacorp. Mixed interest was observed in Lanka IOC, ACL Cables and Expolanka Holdings whilst retail interest was noted in Browns Investments, Industrial Asphalts and SMB Leasing.
The Capital Goods sector was the top contributor to the market turnover (due to ACL Cables) whilst the sector index lost 0.34%. The share price of ACL Cables gained Rs. 4 (4.17%) to close at Rs. 100.
The energy sector was the second highest contributor to the market turnover (due to Lanka IOC) whilst the sector index increased by 2.04%. The share price of Lanka IOC increased by Rs. 5.75 (2.19%) to close at Rs. 268.50.
Expolanka Holdings, Lankem Developments and Dipped Products were also included among the top turnover contributors. The share price of Expolanka Holdings moved down by Rs. 3.50 (1.54%) to close at Rs. 223.25. The share price of Lankem Developments recorded a gain of Rs. 1.10 (3.24%) to close at Rs. 35.00. The share price of Dipped Products appreciated by Rs. 5.20 (12.56%) to close at Rs. 46.60.
