Five-day winning streak ends at CSE; week sees 2% gain

The five-day winning streak at the Colombo stock market ended yesterday, though it managed to close the week with a 2% gain.

Both indices yesterday saw a 0.2% decline, but thanks to improved sentiments earlier on, the CSE finished the week with the active S&P SL20 up by 2.4% and the benchmark APSI by 1.8%. Daily turnover averaged Rs. 740 million, though yesterday’s figure was only Rs. 540 million.

First Capital said after five days of consecutive gains and with the index gaining by 1.8%WoW, the Colombo bourse ended Friday in the negative territory caused by subdued investor sentiment, as investors took a back foot throughout the day as the market showed high signs of volatility.

However, mixed participation from both retail investors and HNWIs was also observed during the day. As a result, the ASPI closed the week at 11,504, losing 27 points whilst CTHR, JKH, DFCC, CFIN, and LIOC emerged as the top negative contributors to the index. 

The Capital Goods sector dominated turnover by 35%, followed by the Food, Beverage and Tobacco and Banking sectors jointly contributing 29% to overall turnover. Foreign investors turned net buyers, with a net inflow of Rs. 2.5 million.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as C T Holdings, John Keells Holdings, and DFCC Bank.

High net worth and institutional investor participation was noted in Access Engineering, Chevron Lubricants, and Renuka Holdings. Mixed interest was observed in Sampath Bank, Kelani Tyres, and John Keells Holdings, whilst retail interest was noted in LVL Energy Fund, Browns Investments, and the Co-Operative Insurance Company.

The Capital Goods sector was the top contributor to the market turnover (due to Access Engineering and Renuka Holdings) whilst the sector index lost 0.63%. The share price of Access Engineering increased by 30 cents to Rs. 22.30. The share price of Renuka Holdings moved up by 10 cents to Rs. 13.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp) whilst the sector index decreased by 0.35%. The share price of Melstacorp gained 90 cents to Rs. 82.

Chevron Lubricants and Sampath Bank were also included amongst the top turnover contributors. The share price of Chevron Lubricants recorded a gain of Rs. 1 to Rs. 121. The share price of Sampath Bank closed flat at Rs. 77.20.