CSE ends week on the up

Saturday, 25 January 2025 01:03 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday ended the week with losses, a complete U-turn after the previous saw sharp gains.

The active S&P SL20 lost by 1.23% and the benchmark ASPI by 0.64% on Friday. However, during the week, the ASPI and the S&P SL 20 gained 4.1% and 3.8% respectively.

Turnover yesterday was Rs. 7.44 billion involving 257.01 million shares. Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.

First Capital said the market demonstrated decreased sentiment with the ASPI experiencing volatility within the red zone throughout yesterday. The ASPI dipped by 108 points, closing at 16,918, which depicts a 0.64% decline. Reduced sentiment was noted mostly among retail investors, who sought after profits through increased selling, as the market soared high during previous sessions. HNB, JKH, CTC, SAMP and BUKI emerged as the top negative contributors to the index. The turnover stood at Rs. 7.4 billion, marking a marginal increase of 0.2% from the monthly average.

The Food, Beverage and Tobacco sector led today’s turnover, contributing 24%, followed by the Banking and the Capital Goods sectors jointly contributing 39%.

NDB Securities said high net worth and institutional investor participation was noted in Melstacorp, John Keells Holdings and Sierra Cables. Mixed interest was observed in Hatton National Bank, Browns Investments and LOLC Holdings, whilst retail interest was noted in Maharaja Foods, Waskaduwa Beach Resort and LOLC Finance.

Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Melstacorp and Browns Investments) whilst the sector index lost 0.30%. The share price of Melstacorp gained Rs. 4.50 to close at Rs. 128. The share price of Browns Investments moved down by 20 cents to close at Rs. 8.60.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank) whilst the sector index decreased by 1.40%. The share price of Hatton National Bank decreased by Rs. 14.25 to close at Rs. 346.25. John Keells Holdings and Sierra Cables were also included amongst the top turnover contributors. The share price of John Keells Holdings recorded a loss of 40 cents to close at Rs. 23.50. The share price of Sierra Cables appreciated by 40 cents to close at Rs. 16.20.