Mixed sentiments at CSE: ASPI closes on the up; S&P SL20 dips

The Colombo stock market yesterday saw mixed sentiments apparently taking a breather after a stellar 10-day gain whilst turnover declined below its recent daily average of Rs. 3 billion plus.

Acuity Stock Brokers said the Bourse ended on a mixed note as the ASPI increased by 0.32% or 18.23 points to close at 5,780.94 points, while the S&P SL20 Index decreased by 0.77% or 19.37 points to close at 2,492.35.

Turnover decreased by 28.2% relative to Monday to amount to Rs. 2.53 billion while the crossings amounted to 5% the day’s total turnover. 

Foreign investors recorded a net outflow of Rs. 109 million as against Rs. 401 million on Monday.

First Capital said the Bourse witnessed signs of a cooling-off effect as S&P SL20 lost momentum while ASPI continued on its upsurge. 

“Index experienced a downtrend within the early hours of trading as it hit its intraday low of 5,764. Later market bounced back and closed at 5,781 with an advance of 18 points,” First Capital added. 

It said the market broke the consecutive Rs. 3 billion plus turnover streak while the dominance remained with the Capital Goods & Banking counters which contributed 47% of turnover. 

Foreign investors recorded low participation while completing one and half months of dominance in the selling-side.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as HNB Finance Ltd., Hayleys and Bukit Darah.

It said high net worth and institutional investor participation was noted in John Keells Holdings. Mixed interest was observed in Hemas Holdings, Royal Ceramics and Kelani Tyres, whilst retail interest was noted in Richard Pieris & Company and Expolanka Holdings. 

Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics, John Keells Holdings and Hemas Holdings), whilst the sector index gained 0.66%. The share price of Royal Ceramics gained Rs. 6.50 (5.99%) to close at Rs. 115. 

Furthermore, the share price of John Keells Holdings moved down by Rs. 0.70 (0.51%) to close at Rs. 136.40, whilst the share price of Hemas Holdings declined by Rs. 1.40 (1.95%) to close at Rs. 70.30.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank), whilst the sector index decreased by 1.13%. Furthermore, the share price of Hatton National Bank recorded a loss of Rs. 2 (1.53%) closing at Rs. 128.50, whilst foreign holdings decreased by 271,655 shares.

Kelani Tyres was also included amongst the top turnover contributors. The share price of Kelani Tyres increased by Rs. 2.10 (2.70%) to close at Rs. 79.80.