Mixed local sentiments continue at CSE whilst foreigners step up buying

The Colombo stock market continued its run of mixed sentiments amidst low activity yesterday.

The All Share Price Index was down by 6 points whilst the S&P SL20 was gained by 22 points.  Turnover was Rs. 1.7 billion involving 51 million shares. Despite lukewarm interests from local investors, foreigners stepped up their bullish sentiment becoming net buyers for the eighth consecutive session. 

Asia Securities said the indices witnessed a range-bound session and ended on a mixed note amid moderate retail and HNI buying.  The ASPI moved in the narrow range of 10,450-10,500 levels in the first half of the session, however dropped to an intra-day low of 10,420 (-38 points) in mid-afternoon trade. 

The index closed the session with a brief recovery of 31 points, ending at 10,452 (-6 points) while the more liquid S&P SL 20 index closed in green with a gain 18 points supported by EXPO (+3.1%), LOLC (+1.9%), LFIN (+3.2%) and LLUB (+3.5%). 

Turnover was led by EXPO (Rs. 294 m), LOLC (Rs. 160 m) and ACL (Rs. 133 m). 

Asia also said net foreign inflow picked up to Rs. 149 m (previous session Rs. 21 m) boosted by net buying in LLUB (Rs. 68 m), LFIN (Rs. 26 m), COMB (Rs. 23 m). Overall, 66 stocks ended in green while 111 recorded price losses during the session.

First Capital said the Bourse continued to follow the same trading pattern as yesterday, where ASPI ended the day in the red territory. Index displayed major volatility while swaying in and out from green to red zone. 

“In the beginning, the market opened on a positive note as investors began bargain hunting on EXPO, LOLC and BIL. However, the positive momentum could not be sustained till the end, as selling pressure mounted and the market remained on a downward trajectory for the second half of the session,” First Capital said adding turnover was led by Capital Goods and Diversified Financials sectors, accounting for a joint contribution of 50%. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Chevron Lubricants and LB Finance. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and ACL Cables whilst retail interest was noted in Browns Investments, Lanka Orix Finance and Softlogic Capital. 

It said the Capital Goods sector was the top contributor to the market turnover (due to ACL Cables and John Keells Holdings) whilst the sector index lost 0.13%. The share price of ACL Cables moved up by Rs. 2.90 (3.69%) to close at Rs. 81.40. The share price of John Keells Holdings declined by 25 cents to close at Rs. 156.75.

Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Holdings) whilst the sector index increased by 0.74%. The share price of LOLC Holdings gained Rs. 14.75 (1.87%) to close at Rs. 803.25. Expolanka Holdings and Browns Investments were also included amongst the top turnover contributors. The share price of Expolanka Holdings increased by Rs. 8 (3.14%) to close at Rs. 262.50. The share price of Browns Investments recorded a loss of 20 cents to close at Rs. 10.40.

Separately Ambeon Holdings and Mahaweli Coconut Plantations announced their interim dividends of Rs. 3 and one Rupee per share respectively.