Colombo stock market sinks to YTD negative territory first time

Wednesday, 5 March 2025 00:32 - - {{hitsCtrl.values.hits}}

The Colombo stock market continued its downward run yesterday moving to negative territory year to date for the first time this year.

The benchmark ASPI declined by 1.84% or 297 points turning its year to date performance to a negative 0.47%. The active S&P SL20 shifted to negative territory on Monday and fell 1.6% further yesterday increasing the negative return to 2.33%.

Turnover however improved from Rs. 1.5 billion on Monday to Rs. 2.4 billion yesterday involving 77.2 million shares.

First Capital said the selling and profit-taking sentiment observed on Monday persisted throughout yesterday, leading to a notably volatile trading environment. The ASPI initially experienced a sharp decline in the early hours, followed by a slight recovery around midday. However, the index remained under pressure and gradually edged lower as the session progressed. By the close, the ASPI ended the day in the red at 15,870, marking a drop of approximately 297 points. The Banking sector was the primary contributor to the negative movement, with DFCC, HNB, SAMP, and COMB emerging as the top detractors, alongside CINS. On the flip side, positive contributors were few and relatively limited in impact, with MAL and HELA standing out as the only notable gainers.

The Banking sector led turnover contributions, accounting for 41%, while the Capital Goods and Food, Beverage, and Tobacco sectors collectively contributed 29%.

NDB Securities said high net worth and institutional investor participation was noted in Hatton National Bank, John Keells Holdings and Melstacorp. Mixed interest was observed in Sampath Bank, Dialog Axiata and Browns Investments whilst retail interest was noted in Nation Lanka Finance, LOLC Finance and Waskaduwa Beach Resort.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index lost 1.98%. The share price of Hatton National Bank decreased by Rs. 5.75 to Rs. 310. The share price of Sampath Bank moved down by Rs. 2.25 to Rs. 118.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index decreased by 1.18%. The share price of John Keells Holdings lost 20 cents to Rs. 20.90.

Dialog Axiata and Browns Investments were also included amongst the top turnover contributors. The share price of Dialog Axiata closed flat at Rs. 13.60. The share price of Browns Investments declined by 10 cents to Rs. 7.70.

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