CSE ends 4 week winning run

Saturday, 4 January 2025 02:30 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday ended its 4 week winning run as indices dipped due to profit taking. The active S&P SL20 declined by 2.24% and the benchmark ASPI by 1.83% on Friday. However the ASPI and S&P SL20 closed the week gaining 3.3% and 4.2% respectively. Turnover yesterday was Rs. 11.48 billion involving 554.87 million shares. The average for the week was Rs. 10.59 billion. The market also saw foreign inflow yesterday to the tune of Rs. 142 million.

First Capital said Colombo Bourse experienced a price decline across most sectors as investors displayed profit taking sentiment during today’s trading session with activity visible on selected Banking and Conglomerates sectors. Additionally, SAMP, COMB, LOLC, MELS and HAYL emerged as the top negative contributors to the index. Amidst this market volatility, the ASPI closed the day in red at 16,049 losing 299 points. Amidst the increased participation from retail investors and low participation from HNW investors, turnover stood at Rs. 11.5 billion, marking an increase of 73.2%, from the monthly average. The Banking sector led turnover at 20%, followed by Capital Goods and Food, Beverage and Tobacco sectors jointly contributing 38% of overall turnover. NDB Securities said indices closed in red as a result of price losses in counters such as Sampath Bank, Commercial Bank and LOLC Holdings with the turnover crossing Rs. 11.4 billion. High net worth and institutional investor participation was noted in Hemas Holdings, Hatton National Bank and Dialog Axiata. Mixed interest was observed in Browns Investments, John Keells Holdings and Sampath Bank whilst retail interest was noted in Waskaduwa Beach Resort, Renuka Agri Foods and Beruwala Resorts. Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers. The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Sampath Bank), whilst the sector index lost 3.08%. The share price of Hatton National Bank moved down by Rs. 5.25 to close at Rs. 320.25. The share price of Sampath Bank recorded a loss of Rs. 4.50 to close at Rs. 117.25. Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index decreased by 0.27%. The share price of John Keells Holdings gained 20 cents to close at Rs. 23.80. Browns Investments and LOLC Holdings were also included amongst the top turnover contributors. The share price of Browns Investments decreased by 30 cents to close at Rs. 7.80. The share price of LOLC Holdings declined by Rs. 26.75 (3.74%) to close at Rs. 689.25.