Subdued start to new week at Colombo stock market

Tuesday, 22 October 2024 02:03 - - {{hitsCtrl.values.hits}}

The Colombo stock market opened a fresh week on a mixed note whilst activity levels were moderate.

The benchmark ASPI was down by 4 points and the active S&P SL20 was up by 2 points. Turnover was Rs. 1.5 billion involving 71 million shares.

Asia Securities said UAL (+4.8%), ACL (+4.5%), and HELA (+4.3%) closed higher while CFIN (-2.7%), LMF (-2.3%), and LIOC (-2.1%) ended in red during the session. The ASPI saw an intra-day low of 12,295 (-18 points) during the first half of the session due to profit taking in banking and heavyweight counters. SAMP (+8 points), CARG (+7 points), and DIAL (+4 points) came in as the major index movers while HAYL (-6 points) and CFIN (-5 points) ended as the biggest laggards on the ASPI. The breadth of the market was negative with 90 price gainers and 105 decliners.

Turnover was led by DIAL (Rs. 213 million), ACL (Rs. 109 million), and JKH (Rs. 80 million).

First Capital said the Colombo bourse opened the week on a mixed sentiment note continuing from the previous week as the index experienced a volatile day of trading.

After three consecutive sessions of gains, ASPI closed the day in red at 12,309 losing only 4 points. Selected Banking and Insurance sector counters witnessed some buying interest whilst investors extended the positive sentiment towards Plantation and Construction sector counters for another session during the day. HAYL, CFIN, RCL, SPEN and LIOC emerged as the top negative contributors to the index. Turnover marked a 31% decrease from the monthly average.

The Capital Goods sector led turnover at 23%, followed by Food, Beverage & Tobacco and Banking sectors jointly contributing 33% of overall turnover. Foreign investors remained net sellers, with a net outflow of Rs. 109.4 million.

NDB Securities said the ASPI edged down as a result of price losses in counters such as Hayleys, Central Finance Company and Royal Ceramics.

High net worth and institutional investor participation was noted in Dialog Axiata, Hatton National Bank and Commercial Bank nonvoting. Mixed interest was observed in ACL Cables, John Keells Holdings and Kelani Cables whilst retail interest was noted in Industrial Asphalts, Browns Investments and Lanka Credit and Business Finance.

The Capital Goods sector was the top contributor to the market turnover (due to ACL Cables, John Keells Holdings and Kelani Cables) whilst the sector index edged down by 0.01%. The share price of ACL Cables gained Rs. 4 to Rs. 92. The share price of John Keells Holdings moved up by 25 cents to Rs. 197.25. The share price of Kelani Cables appreciated by Rs. 19.50 to Rs. 334.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover whilst the sector index edged down by 0.02%.

Dialog Axiata and Hatton National Bank were also included amongst the top turnover contributors. The share price of Dialog Axiata increased by 30 cents to Rs. 11.20. The share price of Hatton National Bank recorded a gain of 50 cents to

Rs. 215.