Bear run persists at CSE

Wednesday, 5 April 2023 00:02 - - {{hitsCtrl.values.hits}}

Bearish investor sentiment persisted at the Colombo stock market amidst low volume.

The benchmark ASPI dipped by 0.7% and the active S&P SL 20 by 0.5%. Turnover was Rs. 768 million involving 25 million shares. Foreigners were net sellers to the tune of Rs. 5.3 million.

Asia Securities said the indices closed in red weighed by price losses in EXPO (-2.0%), LIOC (-2.2%), LOFC (-1.7%), SAMP (-2.0%), and LIOC (-2.2%). However, ACL (+2.5%), CALT (+5.0%), CFVF (+4.0%), FCT (+2.2%), and COMB (+1.5%) saw price gains during the session. The breadth of the market was negative with 61 price gainers and 107 decliners.

Turnover was moderate as investors remained on the sidelines ahead of the Monetary Policy Review Meeting. MELS (Rs. 32.5 million) recorded the highest net foreign inflows during the session while DIAL (Rs. 21 million) topped net outflows.

First Capital said the Bourse continued to record losses for the second straight day as investor participation remained weak amidst the holiday-shortened week. ASPI moved on a downward trajectory throughout the session and closed in red at 9,174 losing 63 points. However, during the day Treasury counters witnessed revitalised activity following the steep plunge in yields in the secondary market. Moreover, Banking and Diversified Financial sector counters traded actively despite low volumes.

NDB Securities said high net worth and institutional investor participation was noted in Cargills, Colombo City Holdings and John Keells Holdings. Mixed interest was observed in Melstacorp, Expolanka Holdings and Lanka IOC whilst retail interest was noted in Browns Investments, Dialog Axiata and LOLC Finance.

The Food & Staples Retailing sector was the top contributor to the market turnover (due to Cargills and C T Holdings) whilst the sector index edged up by 0.12%. The share price of Cargills closed flat at Rs. 233. The share price of C T Holdings closed flat at Rs. 180.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged up by 0.08%. The share price of John Keells Holdings recorded a gain of 50 cents to Rs. 139.50.

Melstacorp and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Melstacorp moved up by 20 cents to Rs. 54.30. The share price of Expolanka Holdings declined by Rs. 3 to Rs. 144.25.