Stock market loses steam; negative start in new week

• JKH gains despite market fall

 The Colombo stock market yesterday closed on a negative note, apparently losing the steam with which it rose to highest gain since 2010 last week.

The All Share Price Index (ASPI) decreased by 0.41% or 19.67 points to close at 4,780.22 points, while the S&P SL20 Index also decreased by 1.83% or 37.18 points to close at 1,997.20.

Turnover was down by 48.3% to Rs. 1 billion from Friday’s level with premier blue chip John Keells Holdings accounting for 40.7% of the day’s total turnover. 

Acuity Stockbrokers said foreign Investors recorded a net outflow of Rs. 145 million as against an outflow of Rs. 689 million on Friday.

First Capital said Bourse ended in negative territory reversing the impact seen in the past two sessions with JKH, Commercial Bank, HNB and SAMP contributing to 78% of the turnover, including the parcel trade made in HNB. 

“ASPI hit its intraday low of 4,779 within the first 30 minutes of trading due to the profit-taking seen in the market. Later the index experienced a volatile movement and closed at 4,780, losing 20 points,” it added.

NDB Securities said indices closed in red as a result of price losses in counters such as Commercial Bank, Overseas Realty and Sampath Bank.

High net worth and institutional investor participation was noted in JKH, Commercial Bank and HNB.

Mixed interest was observed in Sampath Bank and Dialog Axiata whilst retail interest was noted in Teejay Lanka and Browns Investments. 

Capital Goods sector was the top contributor to the market turnover (due to JKH) whilst the sector index gained 0.44%. The share price of JKH increased by Rs. 2.50 (2.39%) to close at Rs. 106.90.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank, HNB and Sampath Bank) whilst the sector index decreased by 3.05%. The share price of Commercial Bank lost Rs. 4.20 (6.17%) to close at Rs. 63.90. The share price of HNB moved down by Rs. 2.30 (2.15%) to close at Rs. 104.90. The share price of Sampath Bank recorded a loss of Rs. 4.70 (3.86%) to close at Rs. 117.20.

Dialog Axiata was also included amongst the top turnover contributors. The share price of Dialog Axiata appreciated by Rs. 0.40 (4.21%) to close at Rs. 9.90.

Last week the ASPI achieved its highest weekly gain since 2010 rising 8% or 361 points whilst the more active S&P SL 20 index shot up by 16%. Market capitalisation increased by 8.59% W-o-W (or Rs. 177.54 billion) to Rs. 2,244.08 trillion.