CSE turns negative

Thursday, 4 June 2020 00:25 - - {{hitsCtrl.values.hits}}

The Colombo stock market turned negative yesterday with both indices down though turnover was a healthy Rs. 1.3 billion.

First Capital said Bourse ended in the red territory, failing to stay above a short-term psychology level of 4,800 despite Supreme Court dismissing the petitions filed challenging the Gazette.

The ASPI was dragged down following a dip in the prices of Sampath Bank and Ceylinco Insurance.

The index reached its intraday high of 4,799 within the first few minutes of trading, thereafter, witnessed a volatile movement and hit its intraday low of 4,766 before closing at 4,782, losing 8 points. Turnover for the session was boosted by the parcel trades in JKH, Vidullanka and SUN.

Market recorded a net foreign outflow while experiencing a low participation, First Capital added.

NDB Securities in its report said the ASPI closed in red because of price losses in counters such as Sampath Bank, Ceylinco Insurance and Distilleries. A similar behaviour was witnessed in the S&P SL20.

Crossings were witnessed in John Keells Holdings, Sunshine Holdings and Vidullanka, accounting for 44.5% of the turnover.

Mixed interest was observed in Sampath Bank and Hatton National Bank whilst retail interest was noted in Expolanka Holdings and Tokyo Cement Company. Furthermore, foreigners closed as net sellers.

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged up by 0.11%. The share price of John Keells Holdings closed flat at Rs. 110.00.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank, Sampath Bank and Commercial Bank) whilst the sector index decreased by 0.81%. The share price of Hatton National Bank closed flat at Rs. 95.00. The share price of Sampath Bank recorded a loss of Rs. 9.60 (8.35%) to close at Rs. 105.40. The share price of Commercial Bank appreciated by Rs. 0.70 (1.12%) to close at Rs. 63.00.

Sunshine Holdings was also included amongst the top turnover contributors. The share price of Sunshine Holdings closed flat at Rs. 44.50.