CSE remains bearish for second day

Wednesday, 12 February 2025 00:10 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained bearish for the second consecutive day amidst lacklustre investor activity.

Both indices declined by 1.3% whilst turnover was Rs. 2.4 billion involving 97.4 million shares.

First Capital said the ASPI trended lower during the morning session, and despite a brief attempt at recovery by midday, it remained well below the previous day’s closing level. The ASPI closed at 16,345, recording a decline of 221 points. The number of negative contributors increased compared to the previous session, with the Banking sector exerting the most downward pressure. HNB, SAMP, DFCC, MELS, and COMB were the primary negative contributors. In contrast, CTC, RICH, and COOP emerged as the top positive contributors.

Market turnover showed a modest improvement, but remained significantly below the monthly average of Rs. 5.9 billion. The Banking sector led turnover contributions with a 29% share, followed by the Capital Goods, and Food, Beverage & Tobacco sectors, which collectively accounted for 26% of total turnover.

NDB Securities said High net worth and institutional investor participation was noted in Ceylinco Holdings, Nations Trust Bank and Seylan Bank nonvoting. Mixed interest was observed in Hatton National Bank, Browns Investments and Sampath Bank whilst retail interest was noted in Nation Lanka Finance, Industrial Asphalts and Waskaduwa Beach Resort.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Sampath Bank and Nations Trust Bank) whilst the sector index lost 1.66%. The share price of Hatton National Bank decreased by Rs. 5.50 to close at Rs. 329.50. The share price of Sampath Bank recorded a loss of Rs. 2 to close at Rs. 117. The share price of Nations Trust Bank appreciated by 75 cents to close at Rs. 188.

Capital Goods sector was the second highest contributor to the market turnover whilst the sector index decreased by 0.91%. Browns Investments and Ceylinco Holdings were also included amongst the top turnover contributors. The share price of Browns Investments lost 20 cents to close at Rs. 8.30. The share price of Ceylinco Holdings closed flat at Rs. 3,102.50.

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