CSE ends with losses

The Colombo stock market continued its downward path as investor sentiment showed no rebound.

The ASPI closed at 10,610.53 down 9.07 points (-0.05%) while the more liquid S&P SL20 index closed at 2,903.39 up 2.09 points (0.07%). Turnover was at Rs. 583.7 million. 

Asia Securities said the indices following a positive start to the session, the market slipped int negative territory weighed by JKH (-0.6%), CALT (-9.2%), AGST (-4.1%), LOFC (-2.3%) and TKYO (-1.3%). Nevertheless, AMF (+7.0%), AHUN (+3.4%), LFIN (+2.6%), and BIL (+2.3%) closed with price gains during the session. 

Turnover came in at Rs. 584 million mainly driven by JKH (Rs. 106 million).  Excluding JKH, RENU (Rs. 62 million), SAMP (Rs. 52 million), EXPO (Rs. 42 million) and LFIN (Rs. 33 million) saw higher activity during the session. DFCC (+5 points) and SAMP (+5 points) came in as the major index movers during the session while RICH (-8 points) and MELS (-5 points) ended as the biggest laggards on the ASPI.  Overall, 70 stocks closed in green while 62 settled with losses.

First Capital said the bourse closed in the red zone for the 12th consecutive session, as blue-chip counters dragged the index down. 

ASPI started off strong, being up by 50 points towards mid-session as bargain buying on banking sector counters was observed but was later offset by the selling pressure on the conglomerates such as RICH, MELS and JKH and thereby ending the day at 5 point drop to 10,274. CALT saw a 9% drop in share price today, as investors decided to sell in order to capitalise on the dividend payment following its XD date yesterday. Market turnover was recorded at Rs. 583.8 million, 36% lower than the average monthly turnover of Rs. 919.2 million. 

Foreign investors remained net sellers, with a net foreign outflow of Rs. 28.7 million.

NDB Securities said high net worth and institutional investor participation were noted in John Keells Holdings, Renuka City Hotel and LB Finance.

Mixed interest was observed in Sampath Bank, Expolanka Holdings and Lanka IOC whilst retail interest was noted in LOLC Finance, Browns Investments and Softlogic Capital.

Furthermore, foreigners closed as net sellers. Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.67%. The share price of John Keells Holdings decreased by Rs. 1.00 (0.56%) to close at Rs. 178.75.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank) whilst the sector index increased by 0.44%. The share price of Sampath Bank moved up by Rs. 0.60 (0.90%) to close at Rs. 67.00.

Renuka City Hotel, Expolanka Holdings and LB Finance were also included amongst the top turnover contributors. The share price of Renuka City Hotel closed flat at Rs. 350.00.

The share price of Expolanka Holdings recorded a loss of Rs. 0.25 (0.19%) to close at Rs. 133.00. The share price of LB Finance appreciated by Rs. 1.60 (2.63%) to close at Rs. 62.50.