Thursday Nov 14, 2024
Thursday Nov 14, 2024
Wednesday, 10 February 2021 03:27 - - {{hitsCtrl.values.hits}}
Bearish sentiments coupled with alleged forced selling on account of margin facilities saw the Colombo stock market dip by nearly 2% for the second consecutive day, sending the benchmark index below 8,000 points – a new level it had enjoyed for three weeks.
The benchmark All Share Price Index (ASPI) declined by 1.8%, or 150 points, to close at 7,963 points. ASPI reached 8,000 point on 21 January.
The more active S&PSL20 Index declined by 60 points or 1.8%. Turnover yesterday was nearly Rs. 5 billion.
First Capital said the Bourse continued its downfall for the second consecutive session, dipping below 8,000 after almost three weeks.
“Index nosedived within the first few minutes of trading, hitting its intraday low of 7,853. Subsequently, the market bounced back and experienced a wave pattern for the rest of the session and closed at 7,964 losing 149 points,” First Capital added.
It said the Capital Goods sector took over the lead of the turnover followed by Diversified Financials making a joint contribution of 50%.
NDB Securities said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Vallibel One and Browns Investments.
It said high net worth and institutional investor participation was noted in Hemas Holdings. Mixed interest was observed in Haycarb, LOLC Holdings and Expolanka Holdings, whilst retail interest was noted in Browns Investments, Vallibel One and Royal Ceramics.
The Capital Goods sector was the top contributor to the market turnover (due to Hemas Holdings), whilst the sector index lost 2.30%. The share price of Hemas Holdings decreased by Rs. 1 (1.10%) to close at Rs. 90.
The Materials sector was the second highest contributor to the market turnover (due to Haycarb and Dipped Products), whilst the sector index decreased by 2.71%. The share price of Haycarb lost Rs. 91.25 (5.74%) to close at Rs. 1,499. The share price of Dipped Products declined by Rs. 15.25 (2.08%) to close at Rs. 718.50.
LOLC Holdings and Expolanka Holdings were also included amongst the top turnover contributors. Furthermore, the share price of LOLC Holdings moved down by Rs. 17.50 (3.98%) to close at Rs. 422.75, whilst the share price of Expolanka Holdings recorded a loss of Rs. 1.80 (3.36%) to close at Rs. 51.70.
Net foreign selling eased yesterday to a low Rs. 10.6 million as against Rs. 304.6 million on Monday.
