CSE closes first week of Feb. negatively despite Friday rebound

Saturday, 8 February 2025 02:07 - - {{hitsCtrl.values.hits}}

The Colombo stock market closed the first week of February on a negative note, though there was a rebound yesterday.

For the week, the benchmark ASPI lost 2.3% and the active S&P SL20 lost 2.3%. This was despite a gain by 1.38% and 1.4%, respectively, yesterday.

Turnover amounted to a low Rs. 2 billion involving 78 million shares. For the week, turnover averaged Rs. 4.16 billion.

First Capital said the positive momentum observed on Thursday carried over into yesterday as the ASPI closed at 16,735, marking a notable uptick of 228 points, amid relatively lower turnover levels.

The market experienced early volatility, but as investor sentiment regained traction, a sustained rally ensued in the latter half of the session. This shift in momentum propelled the market upwards, securing a robust finish to the day’s trading.

Key contributors to this rally included CINS, MELS, JKH, SPEN, and COMB, which collectively drove the index higher. On the downside, WATA, SEYB, and CSF were the primary detractors, exerting downward pressure on the index. ASPH, PHAR, and CARS emerged as the top three gainers of the day, while SEMB.X, CSF, and TESS remained the top losers.

Investor participation appeared somewhat muted, with turnover registering a decline from Thursday’s Rs. 5.2 billion. The Capital Goods sector led turnover contribution, accounting for 28%, followed closely by the combined contributions of the Food, Beverage and Tobacco and Banking sectors, which together represented 35% of total turnover.

NDB Securities said the ASPI closed in green yesterday as a result of price gains in counters such as Ceylinco Holdings, Melstacorp, and John Keells Holdings.

High net worth and institutional investor participation was noted in John Keells Holdings, Melstacorp, and ACL Cables. Mixed interest was observed in Browns Investments, Access Engineering, and CIC Holdings, whilst retail interest was noted in Industrial Asphalts, LOLC Finance, and Dialog Axiata.

The Capital Goods sector was the top contributor to market turnover (due to John Keells Holdings, ACL Cables, and Access Engineering) whilst the sector index gained 2.15%. The share price of John Keells Holdings increased by Rs. 0.60 to Rs. 22.80. The share price of ACL Cables closed flat at Rs. 135.75. The share price of Access Engineering appreciated by Rs. 1.40 to Rs. 41.40.

The Food, Beverage and Tobacco sector was the second highest contributor to market turnover (due to Melstacorp and Browns Investments) whilst the sector index increased by 1.34%. The share price of Melstacorp gained Rs. 5 to Rs. 130. The share price of Browns Investments moved up by Rs. 0.10 to Rs. 8.70.

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