Bourse ends week negative

The Colombo stock market ended yet another week on a negative note despite higher turnover and active foreign buying. 

ASP was down 0.5% and S&P SL20 Index lower by 0.4%. Turnover was Rs. 753.6 million, up from Rs. 556 million on Thursday.

NDB Equities said the ASPI edged down as a result of price losses in counters such as Commercial Leasing & Finance, Ceylinco Insurance and Dialog Axiata. A similar behaviour was witnessed in the S&P SL20. Crossings were witnessed in John Keells Holdings, Vidullanka and Pan Asia Banking Corporation, accounting for 42.7% of the turnover. 

Mixed interest was observed in Seylan Bank voting and nonvoting whilst retail interest was noted in Expolanka Holdings and Browns Investments. 

Foreigners remained active closing as net sellers mainly due to foreign selling in Vidullanka.

During the week, the ASPI and the S&P SL20 lost 0.74% and 0.43%, respectively, whilst recording an average daily turnover of Rs 397 Mn.

Diversified sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged up by 0.10%. The share price of John Keells Holdings decreased by Rs 0.20 (0.12%) to close at Rs. 164.50.

The Bank, Finance and Insurance sector was the second highest contributor to the market turnover (due to Pan Asia Banking Corporation, Seylan Bank and Seylan Bank nonvoting) whilst the sector index decreased by 0.41%. The share price of Pan Asia Banking Corporation moved up by Rs. 0.20 (1.56%) to close at Rs. 13. The share price of Seylan Bank recorded a loss of Rs. 1.50 (2.81%) to close at Rs. 51.90. The share price of Seylan Bank nonvoting appreciated by Rs. 0.30 (0.94%) to close at Rs. 32.10.

Vidullanka was also included amongst the top turnover contributors. The share price of Vidullanka closed flat at Rs. 4.80 whilst foreign holdings decreased by 20,000,000 shares.