Mixed bag at stock market

Wednesday, 23 March 2022 00:24 - - {{hitsCtrl.values.hits}}

The Colombo stock market produced mixed sentiments yesterday amidst lacklustre investor activity.

The All Share Price Index gained by 69 points or 0.66% whilst S&P SL20 declined by 0.6% or 24.5 points. Turnover was Rs. 1.3 billion involving 55 million shares.

Asia Securities said the market ended on a mixed note with the ASPI closing in green for the third consecutive session while the S&P SL20 index ended lower as a result of price declines in heavyweight stocks LOLC (-1.3%), CLC (-9.3%), COMB (-1.8%) and LOFC (-6.8%).

It said moderate levels of retail and HNI buying was seen throughout the session. The ASPI commenced the session on an upbeat note and touched an intra-day high of 10,586 (+164 points) in the first of trading, however the index moved downwards thereupon and eventually ended the session at 10,491 (+69 points|0.7 %). As the top contributor to the ASPI, CINS contributed 71 points to the index during the session on the back of a sharp 22.3% gain. However, turnover generated by the stock was miniscule at LKR 0.2 million. The breadth of the market closed positive with 118 gainers and 67 decliners.

Asia also said foreigners recorded a net inflow of Rs. 14.7 million while their participation remained flat at 2.0% of turnover (previous day 2.9%). Net foreign buying topped in VFIN at Rs. 11.6 million and foreign topped in HHL at Rs. 7.4 million.

First Capital said the ASPI rallied with continuous gains for the third straight day, yet S&P SL20 index closed lower while losing 25 points. Index witnessed a sharp upswing while hitting an intraday high of 10,587 in the beginning. Thereafter, a sideways movement was displayed as index trimmed some of the early gains ahead of the closing at 10,491, gaining 69 points. CINS had largely contributed to the ASPI hike while retail favourite counters such as LOLC, BIL and EXPO ended lower.

It said turnover was led by Capital Goods, followed by Diversified Financials sectors accounting for a joint contribution of 48%.