CSE’s dismal run continues

Dismal performance of the Colombo stock market persisted yesterday with both indies down amidst lacklustre investor activity.

Both indices were down by over 0.3% and turner was Rs. 629 million involving 18,.7 million shares.

First Capital said the broader market extended its lacklustre sentiment for another day as investors of the Colombo Bourse awaited clearer direction amidst the ongoing political uncertainties in the country. The Benchmark ASPI commenced the day on a strong note reaching an intraday high 11,314 gaining nearly 20 points. 

However, selling pressure emerged after the first few trading hours as most of the sectors witnessed price declines across the board, predominantly in Banking sector counters. Consequently, ASPI concluded the day at 12,254, losing 41 points.  On a flip side, SAMP witnessed an increased buying interest following its strong quarterly performance. Following Wednesday’s steep drop, turnover recovered and stood at 27.7% lower from the month’s average. The Banking sector contributed 35% to the turnover, followed by the Diversified Financials and Capital Goods sectors jointly contributing 35% to the overall turnover. Furthermore, foreign investors turned net buyers, with a net inflow of Rs. 19.8Mn.

NDB Securities said high net worth and institutional investor participation was noted in Central Finance Company. Mixed interest was observed in John Keells Holdings, Hayleys Fabric and Sampath Bank whilst retail interest was noted in Browns Investments, Marawila Resorts and LOLC Finance.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank) whilst the sector index lost 0.49%. The share price of Sampath Bank increased by 80 cents to Rs 74.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings and Hayleys) whilst the sector index decreased by 0.41%. The share price of John Keells Holdings gained 25 cents to Rs. 179.50. The share price of Hayleys declined by 70 cents to Rs. 95.

Central Finance Company and Hayleys Fabric were also included amongst the top turnover contributors. The share price of Central Finance Company moved down by 25 cents to  Rs. 105. The share price of Hayleys Fabric recorded a loss of 30 cents to Rs 47.