Dismal week at CSE amidst lacklustre investor interest

The Colombo stock market closed the week on a dismal and lacklustre note as investor sentiments remained wary over the future of listed equities.

During the week, the benchmark ASPI declined by 0.8% and the active S&P SL20 by 1.3%. On Friday, both indices closed negatively.

Turnover during the week averaged Rs. 577 million whilst yesterday it was Rs. 575.5 million involving 31.4 million shares.

First Capital said the bourse experienced a day of mixed sentiment and unpredictability. The ASPI closed at 11,633, marking a 0.06% decrease from the previous day, to which the most significant contributors were COMB, JKH, SEMB, NDB, and ASPH. Conversely, the most significant positive contributors towards ASPI were HNB, SAMP, HAYL, NTB, and RCL.

Turnover saw a slight increase from Thursday and the Banking sector dominated with 37.4% shares, followed by the Capital Goods, and Food, Beverage and Tobacco sectors jointly contributing to 37%. 

MFPE recorded its first day of trading today, establishing itself as a top contributor to turnover at the beginning of the day. Additionally, blue-chips and banks were the most significant contributors to turnover. There was a net foreign outflow of Rs. 44.3 million, signalling interest in external investments. The market overall experienced a day of mixed sentiment and volatility as investors anticipate the upcoming election.

NDB Securities said high net worth and institutional investor participation was noted in Sanasa Development Bank, John Keells Holdings, and Ceylon Land & Equity. Mixed interest was observed in Hatton National Bank, Commercial Bank, and Nations Trust Bank whilst retail interest was noted in Maharaja Foods and SMB Leasing, voting and nonvoting.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.

The Banking sector was the top contributor to the market turnover (due to Sanasa Development Bank, Hatton National Bank, Commercial Bank, and Nations Trust Bank) whilst the sector index lost 0.16%. 

The share price of Sanasa Development Bank closed flat at Rs. 31. The share price of Hatton National Bank moved up by Rs. 1.25 to Rs. 190.75. The share price of Commercial Bank recorded a loss of Rs. 1.30 to Rs. 95.10. The share price of Nations Trust Bank appreciated by Rs. 2 to Rs. 125.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged down by 0.05%. The share price of John Keells Holdings lost 75 cents to Rs. 191.25.