Stock market’s miserable negative run persists

Wednesday, 4 September 2024 00:22 - - {{hitsCtrl.values.hits}}

The Colombo bourse yesterday continued its miserable negative run influenced by uncertainty over the outcome of Presidential election with the market capitalisation turning negative year to date first time despite improvement in turnover.

Both indices dipped by over 0.4% and turnover was Rs. 1.1 billion involving 47 million shares.

The Colombo Stock Exchange’s market capitalisation was Rs. 4.23 trillion, down 0.4% year to date. In the past two market days, the market’s value had dipped by Rs. 90 billion.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as Ceylon Tobacco Company, Sampath Bank and Commercial Bank.

High net worth and institutional investor participation was noted in Richard Pieris & Company, John Keells Holdings and Ceylon Tobacco Company.

Mixed interest was observed in Commercial Bank, Hatton National Bank and Chevron Lubricants whilst retail interest was noted in Browns Investments, LOLC Finance and Dialog Axiata. Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Richard Pieris & Company) whilst the sector index lost 0.13%. The share price of John Keells Holdings decreased by 50 cents to Rs. 167. The share price of Richard Pieris & Company gained by one rupee to Rs. 20.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank and Hatton National Bank) whilst the sector index decreased by 0.73%. The share price of Commercial Bank recorded a loss of one rupee to Rs. 83.70. The share price of Hatton National Bank declined by Rs. 1.50 to Rs. 163.50.

Ceylon Tobacco Company was also included amongst the top turnover contributors with its share price dipping Rs. 46.50 to Rs. 1,163.50.