CSE closes post-election week with losses

Saturday, 23 November 2024 00:55 - - {{hitsCtrl.values.hits}}

The Colombo stock market this week ended with losses though managing to close yesterday marginally on the up amidst low investor activity.

The ASPI gained yesterday by 0.56% and the S&P SL20 by 0.27%. For the week, ASPI and S&P SL20 lost 1.1% and 2.7% respectively. Turnover yesterday was below average at Rs. 1.9 billion involving 86 million shares. During the week, the turnover averaged Rs. 4.65 billion.

First Capital said the Colombo Bourse experienced a recovery from profit-taking as the market faced a relatively volatile trading session with interest visible on selected Banking sector stocks such as SEYB and PABC, as the ASPI closed the session in green 13,054, gaining 72 points, marking a 0.6% increase from the previous day. BREW, COMB, CINS, SEYB and DIPD emerged as the top positive contributors to the index. Additionally, specific stocks in the Hotel and Plantation sectors continued to attract investor interest throughout the day. In contrast to previous sessions, the market saw an increase in participation from retail investors. Turnover marked a 51.3% decrease from the monthly average. The Banking sector led the turnover by 39%, followed by the Capital Goods, and Food, Beverage and Tobacco sectors jointly contributing 23% of the overall turnover. There was a net foreign inflow of Rs. 16.9 million signalling interest in internal investments.

NDB Securities said the ASPI closed in green yesterday as a result of price gains in counters such as Ceylon Beverage Holdings, Commercial Bank and Ceylinco Insurance.

High net worth and institutional investor participation was noted in Hatton National Bank, John Keells Holdings and Pan Asia Banking Corporation. Mixed interest was observed in Seylan Bank, Sampath Bank and Dipped Products whilst retail interest was noted in Industrial Asphalts, Waskaduwa Beach Resort and Softlogic Holdings.

The Banking sector was the top contributor to the market turnover (due to Seylan Bank, Pan Asia Banking Corporation, Sampath Bank and Hatton National Bank) whilst the sector index gained 0.87%. The share price of Seylan Bank increased by Rs. 4.30 to Rs. 58.10. The share price of Pan Asia Banking Corporation gained by 50 cents to Rs. 27.00. The share price of Sampath Bank recorded a gain of 40 cents to Rs. 94.10. The share price of Hatton National Bank closed flat at Rs. 229.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged down by 0.09%. The share price of JKH dipped by 10 cents to Rs. 19.90.