Colombo stock market ends yet another week with a loss

The Colombo stock market indices were mixed yesterday whilst finishing the week on a negative note amidst low turnover. 

The active S&P SL20 Index declined by 7 points or 0.3% whilst the benchmark ASPI managed to close on the up by over 17 points or 0.22%. For the week ASPI was down 155.98 points (1.94%) and the S&P SL20 declining 87.10 points (3.29%). In the previous week, the ASPI lost 3.14% and S&P SL20 lost 3.12%.

Turnover yesterday was Rs. 1.3 billion, which was also the week’s daily average, down from Rs. 1.4 billion last week. 

Asia Securities said on Friday heavyweights EXPO (-2.3%), LOLC (-0.5%), JKH (-0.2%), COMB (-1.2%) and HAYL (-1.6%) recorded losses during the session while LIOC (+8.8%), VONE (+9.4%), BIL (+2.2%) and RCL (+1.0%) ended with price gains. 

Turnover picked up marginally to Rs. 1,326 million (previous session Rs. 917 million) on the back of activity in LIOC (Rs. 419 million), VONE (Rs. 147 million) and BIL (Rs. 142 million). The breadth of the market continued positive with 93 price gainers and 74 decliners.

Asia also said foreigners recorded a net inflow of Rs. 4.8 million while their participation was flat at 2.0% of turnover (previous day 1.3%). Net foreign buying topped in DIAL at Rs. 6.6 million and selling topped in BIL at Rs. 10.5 million.

First Capital said the ASPI continued its upward trajectory for the third consecutive day and displayed a marginal gain as investor sentiment improved with the announcement of Sri Lankan business tycoon, Dhammika Perera to fill the vacant national list seat in Parliament. 

Moreover, he is also tipped to be appointed as the Minister of Technology and Investment Promotion. ASPI opened higher and saw a sharp gain of near 100 points during the 1st hour of trading and lost steam afterwards, recording sizable volatility during the rest of the day. 

Turnover improved by 45% compared to the previous day and was largely led by the Energy and Capital Goods sectors with a joint contribution of 55%. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings and Commercial Bank. Mixed interest was observed in Royal Ceramics, Expolanka Holdings and Lanka IOC whilst retail interest was noted in Vallibel One, LOLC Finance and Browns Investments. 

The Energy sector was the top contributor to the market turnover (due to Lanka IOC) whilst the sector index gained 7.08%. The share price of Lanka IOC increased by Rs. 5.70 (8.80%) to close at Rs. 70.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to Vallibel One and Royal Ceramics) whilst the sector index increased by 0.50%. The share price of Vallibel One gained Rs. 3.20 (9.38%) to close at Rs. 37.30. The share price of Royal Ceramics appreciated by

30 cents (1%) to close at Rs. 29.80.

Browns Investments and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Browns Investments moved up by 20 cents (2.25%)

to close at Rs. 9.10. The share price of Expolanka Holdings recorded a loss of Rs. 4.50 (2.29%) to close at Rs. 191.75. 

Separately, Hunters and Company announced an interim dividend of Rs. 10 per share.