CSE sees further drop

Wednesday, 19 March 2025 00:02 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday suffered a further steep fall as investors continued their selling spree.

The benchmark ASPI was down by 1.6% or 255 points and the active S&P SL20 by 1.6%. Turnover was slightly higher at Rs. 1.7 billion as against Rs. 1.2 billion on Monday.

First Capital said negative contributors to the index included CINS, COMB, HNB, NDB, and JKH. Compared to yesterday’s performance, the market’s decline suggests that the selling sentiment has persisted, possibly due to margin calls. High participation from retail investors contrasted with a relatively low presence of HNW investors was observed, with the market continuing to be pressured by sell-offs in the Banking and blue-chip stocks.

Turnover was significantly lower than the monthly average of Rs. 2.7 billion, indicating subdued market activity. The Banking sector was the most significant contributor to the overall turnover with a 24% share, followed by the Capital goods, and Food, Beverage and Tobacco sectors jointly accounting for 41%. Foreign investors turned net sellers, with a net outflow of Rs. 50.5 million.

Asia Securities said following Monday’s profit-taking, the market continued its downward momentum primarily led by banking counters. Notable price declines in NDB (-2.9%), COMBN (-2.3%), HNBN (-1.6%), and SAMP (-0.8%) were recorded during the session. Moreover, BIL (-2.7%), CFIN (-2.6%), HHL (-2.1%), and AEL (-1.6%) closed in red, leading to a broad-based decline during the session. CINSN (-18 points), COMBN (-17 points), and HNBN (-13 points) were the major laggards of the index for the day. Overall, 28 stocks ended in green while 191 ended with losses.

Market turnover was led by BIL (Rs. 182 million), SAMP (Rs. 137 million) and VONE (Rs. 136 million).

NDB Securities said high net worth and institutional investor participation was noted in Browns Investments, John Keells Holdings and Sampath Bank. Mixed interest was observed in Vallibel One, Hatton National Bank and CIC Holdings whilst retail interest was noted in SMB Leasing, Industrial Asphalts and Hikkaduwa Beach Resort.

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