CSE begins February negatively

Tuesday, 4 February 2025 03:43 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday began a new month on a negative note amidst moderate activity, with some attributing it to lacklustre investor interest ahead of the 4 February Independence Day holiday.

The benchmark ASPI and the active S&P SL20 declined by 1%. The market finished 2025’s first with a 7.4% gain.

Turnover yesterday was Rs. 3 billion involving 122 million shares.

First Capital said the negative contributors outpaced positive ones, with key decliners including HNB, LOLC, BUKI, CARS, and CFIN. On the upside, SPEN, TJL, and CCS were notable performers. SPEN’s growth was driven by strong January tourist arrivals and a positive outlook for the tourism sector. TJL and CCS benefitted from robust earnings reports.

Turnover showed a 57.0% decline from the monthly average of Rs. 7.1 billion. The Capital Goods sector led turnover at 26%, followed by the Food, Beverage and Tobacco and Banking sectors, which contributed 29%. There was notable activity in the Apparel and Construction sectors.

Investor participation remained subdued among HNW individuals, while retail investors remained dominant. Foreign investors were net sellers, with a net outflow of Rs. 179.3 million.

NDB Securities said high net worth and institutional investor participation was noted in Hayleys Fabric, Aitken Spence, and ACL Cables. Mixed interest was observed in Access Engineering, Swisstek, and Sampath Bank, whilst retail interest was noted in Browns Investments, John Keells Holdings, and Waskaduwa Beach Resort.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Access Engineering) whilst the sector index lost 0.74%. The share price of John Keells Holdings decreased by Rs. 0.10 to Rs. 22.60. The share price of Access Engineering recorded a gain of Rs. 0.20 to Rs. 41.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 1.82%. The share price of Browns Investments lost Rs. 0.20 to Rs. 8.90.

Hayleys Fabric and Swisstek were also included amongst the top turnover contributors. The share price of Hayleys Fabric moved up by Rs. 0.30 to Rs. 53.90. The share price of Swisstek appreciated by Rs. 1.80 to Rs. 47.60.