CSE ends week with marginal loss

Saturday, 9 November 2024 00:40 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday sustained the positive momentum with a rebound in investor sentiment though closing the week with marginal losses due to profit taking earlier on.

The benchmark ASPI gained by 0.6% yesterday whilst the active S&P SL20 by 0.2%. However the ASPI and the S&P SL20 lost 0.5% and 1.2% respectively for the week.

Turnover on Friday was Rs. 2 billion involving 77.4 million. During the week turnover averaged Rs. 2.32 billion.

First Capital said the broad market rebounded after Thursday’s volatile trading session, with the index showing strong bullish momentum throughout the trading day.

Investor sentiment remained positive towards stocks like DIPD, LMF, and AEL, which continued to attract buying interest. Additionally, there was renewed focus on SINS and Construction sector stocks like ACL and TKYO. However, trading activity in the Banking sector slowed compared to previous sessions. As a result, the index closed the week at 12,800, gaining 73 points. Amidst the muted participation from HNW investors, turnover experienced a 3.3% decrease from Thursday with 27% decrease from monthly average standing of Rs. 2.8 billion.

The Capital Goods sector led the turnover by 26%, followed by the Materials and Food, Beverage & Tobacco sectors jointly contributing 37% of the overall turnover. Foreign investors turned net sellers with a net outflow of Rs. 1.3 million.

NDB Securities said the ASPI closed in green on Friday as a result of price gains in counters such as Ceylinco Insurance, Bukit Darah and Royal Ceramics.

High net worth and institutional investor participation was noted in Hayleys Fabric, Royal Ceramics and Cargills. Mixed interest was observed in Dipped Products, Lanka Milk Foods and John Keells Holdings whilst retail interest was noted in Waskaduwa Beach Resort, Industrial Asphalts and LVL Energy Fund.

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics and John Keells Holdings) whilst the sector index lost 0.58%. The share price of Royal Ceramics increased by 90 cents to Rs. 32.90. The share price of John Keells Holdings recorded a loss of 30 cents to Rs. 21.20.

The Materials sector was the second highest contributor to the market turnover (due to Dipped Products) whilst the sector index increased by 1.56%. The share price of Dipped Products gained Rs. 1.20 to Rs. 42.20.

Lanka Milk Foods and Sampath Bank were also included amongst the top turnover contributors. The share price of Lanka Milk Foods moved up by 50 cents to Rs. 33.50. The share price of Sampath Bank appreciated by 50 cents to Rs. 89.

Separately Ceylon Tobacco Company announced an interim dividend of Rs. 40.90 per share.