CSE suffers another week of losses

Saturday, 24 August 2024 01:44 - - {{hitsCtrl.values.hits}}

The Colombo stock market suffered another week of losses with bearish investor sentiment amidst concerns over the outcome of next month’s Presidential Election.

During the week, the benchmark ASPI lost 1.2% and the active S&P SL20 by 1.4%. On Friday, the S&P SL20 declined by 1% and ASPI by 0.8%.

Turnover during the week averaged Rs. 786 million though yesterday it was Rs. 1.2 billion involving 38 million shares.

Asia Securities said the indices closed the week in red dragged by price declines in PABC (-11.4%), HAYL (-3.8%), JKH (-2.6%), CCS (-2.5%), and NDB (-2.2%).

Banking stocks continued to decline. HNBN (-9 points), SAMP (-8 points), and COMBN (-6 points) were the biggest laggards of the ASPI. Overall, 37 stocks ended higher and 121 settled with losses.

Crossings in MAL (Rs. 422 million), GREG (Rs. 152 million), and NDB (Rs. 55 million) supported turnover.

Foreigners were on the net buying side, generating a net inflow of Rs. 41 million primarily from net foreign buying in HAYL (Rs. 24 million).

NDB Securities said crossings were witnessed in Malwatte Valley Plantations, Ambeon Holdings and National Development Bank, accounting for 58.5% of the turnover.

Mixed interest was observed in Hatton National Bank, John Keells Holdings and Kelani Tyres whilst retail interest was noted in Tess Agro, Nation Lanka Finance and Softlogic Holdings rights.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Malwatte Valley Plantations) whilst the sector index lost 0.73%. The share price of Malwatte Valley Plantations closed flat at Rs. 63.

The Banking sector was the second highest contributor to the market turnover (due to National Development Bank and Hatton National Bank) whilst the sector index decreased by 1.27%. The share price of National Development Bank moved down by 70 cents to Rs. 69. The share price of Hatton National Bank recorded a loss of Rs. 3 to Rs. 180.

Ambeon Holdings and Kelani Tyres were also included amongst the top turnover contributors. The share price of Ambeon Holdings lost 10 cents to Rs. 37.90. The share price of Kelani Tyres appreciated by 70 cents to Rs. 79.90.