ASPI dips below 11,000 points level as CSE remains bearish

The Colombo stock market continued its bearish mood as the benchmark ASPI dipped below the psychological 11,000 points level amidst low turnover.

The ASPI was down by 0.76% or over 84 points to close at 10,985 points. The active S&P SL20 dipped by 1%. Turnover was Rs. 1.6 billion involving 72 million shares. Foreigners were net sellers too.

Asia Securities said the dip was due to investors extending profit-booking for a third consecutive session.

HAYL (-2.6%), KOTA (-1.3%), CALT (-2.1%), SAMP (-1.9%), LOLC (-1.1%), FCT (-3.0%), and EXPO (-1.6%) recorded price losses while PLC (+5.9%), LIOC (+3.0%), SEYBX (+2.0%), CTC (+1.1%), and CDBX (+3.1%) moved upwards during the session. The breadth of the market turned negative with 70 price gainers and 127 decliners.

Foreigners recorded a net outflow of Rs. 12.4 million. Net foreign buying topped in NDB at Rs. 21.1 million and selling topped in JKH at Rs. 24.3 million.

First Capital said the ASPI recorded losses for the third consecutive session amidst the extended profit taking that was witnessed across the board.

It said investors resorted to  book profits on expectations of weaker results from the upcoming quarter. Predominantly, selling pressure was observed on Banking counters and index-heavyweights while SAMP and HNB were the biggest drag on the index. Active participation was enticed on PLC following the dividend announcement. LIOC gained sharply during the day as investor interest revitalised on the company after the share price dropped  by  14% during the last two sessions.

NDB Securities said high net worth and institutional investor participation was noted in Nations Trust Bank and John Keells Holdings. Mixed interest was observed in National Development Bank, Vallibel One and Hayleys whilst retail interest was noted in Co-Operative Insurance Company, People’s Leasing & Finance and Kotagala Plantations.

The Banking sector was the top contributor to the market turnover (due to Nations Trust Bank and National Development Bank) whilst the sector index lost 0.87%. The share price of Nations Trust Bank gained by one rupee to Rs 94.40. The share price of National Development Bank moved up by 50 cents to Rs 73.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings and Vallibel One) whilst the sector index decreased by 0.70%. The share price of John Keells Holdings decreased by 25 cents to Rs 158.75. The share price of Vallibel One gained by 10 cents to Rs 48.50.

People’s Leasing & Finance was also included among the top turnover contributors. The share price of People›s Leasing & Finance recorded a gain of 60 cents to Rs 10.80.

Separately Senkadagala Finance announced its dividend of 65 cents per share.