CSE manages symbolic rebound than on fundamentals

Friday, 28 February 2025 00:04 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday managed to stage a rebound largely to appease participants than on fundamentals.

The benchmark ASPI gained by 0.5% and the active S&P SL20 was flat. Turnover was a lacklustre 1.6 billion involving 67.3 million shares.

First Capital said the Colombo Bourse experienced a subtle yet notable turnaround, with the ASPI closing in the green despite tepid activity and diminished turnover. The uptick in the ASPI can likely be attributed to bargain buying, coupled with the potential conclusion of month-end selling typically seen from margin providers. The index finished at 16,431, marking an increase of 86 points. However, volatility remained a key feature throughout the session. While the ASPI showed early gains, it saw a dip around midday, before staging a robust recovery in the latter part of the day, ultimately closing positively. CINS emerged as the top positive contributor to the ASPI, with LOLC and COMB following closely behind. On the flip side, JKH, MELS, and CFVF were the leading negative contributors. Investor participation remained muted, with turnover seeing a decline from both the previous session and the monthly average, which was Rs. 4.8 billion.

Sector-wise, the Capital Goods sector took the lead in turnover contributions, accounting for 22%, followed by the Banking and Materials sectors, which jointly contributed approximately 37%.

NDB Securities said high net worth and institutional investor participation was noted in Central Industries, Commercial Bank and Chevron Lubricants. Mixed interest was observed in John Keells Holdings, Sampath Bank and Aitken Spence Hotel Holdings whilst retail interest was noted in Industrial Asphalts, Lanka Credit and Business Finance and Waskaduwa Beach Resort.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.96%. The share price of John Keells Holdings lost 50 cents to Rs. 21.40.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank and Sampath Bank) whilst the sector index increased by 0.34%. The share price of Commercial Bank moved up by one Rupee to Rs. 146. The share price of Sampath Bank recorded a gain of 50 cents to Rs. 121.

Chevron Lubricants and Aitken Spence Hotel Holdings were also included amongst the top turnover contributors. The share price of Chevron Lubricants decreased by Rs. 1.25 to Rs. 150.25. The share price of Aitken Spence Hotel Holdings appreciated by Rs. 3.50 to Rs. 84.

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