The Colombo stock market yesterday suffered one of its steepest falls in recent weeks despite healthy turnover. 

The All Share Price Index declined by over 114 points or 1.4% and the S&P SL20 dipped by 52 points or 1.7%. Turnover amounted to Rs. 4.1 billion involving 208.4 million shares.

First Capital said the bourse switched back to the red zone, recording an index low of nearly four weeks with mixed earnings witnessed in counters. 

The index displayed a continuous downtrend till the latter part of session, reaching its intraday low of 7,964. Thereafter, the market recovered over the last 30 minutes of trading, before closing at 7,981, losing 115 points. 

It said turnover was led by the Transportation sector, followed by the Diversified Financials sector accounting for a joint contribution of 36%. 

Asia Securities said the indices trended downwards as concerns over the rising COVID-19 cases weighed on investor sentiments. 

The ASPI declined below the 8,000-level, in line with price losses in LOLC, EXPO and NIFL, however witnessed a recovery during the last hour of trading, picking up 49 points after reaching an intra-day low of 7,965. The index eventually closed at a three-week low while turnover improved from yesterday’s levels, boosted by activity in EXPO. 

It said foreigners recorded a net outflow of Rs. 379.4 million, while their participation declined to 7.2% of turnover (previous day 17.4%). Estimated net foreign buying topped in CCS at Rs. 50 million and net foreign selling topped in SUN at Rs. 332.7 million. 

NDB Securities said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Expolanka Holdings and LOLC Development Finance.

It said high net worth and institutional investor participation was noted in Sunshine Holdings, Renuka Capital and Royal Ceramics. Mixed interest was observed in Seylan Bank non-voting, Expolanka Holdings and LOLC Holdings, whilst retail interest was noted in Industrial Asphalts, SMB Leasing non-voting and Browns Investments. Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), whilst the sector index lost 3.60%. The share price of Expolanka Holdings decreased by Rs. 3 (3.63%) to close at Rs. 79.70.

The Diversified Financials sector was the second highest contributor to the market turnover (due to Renuka Capital and LOLC Holdings), whilst the sector index decreased by 2.31%. The share price of Renuka Capital moved up by Rs. 0.70 (8.43%) to close at Rs. 9. The share price of LOLC Holdings recorded a loss of Rs. 16.75 (3.73%) to close at Rs. 431.75.

Sunshine Holdings and Royal Ceramics were also included amongst the top turnover contributors. The share price of Sunshine Holdings lost Rs. 0.90 (3.44%), closing at Rs. 25.30, whilst foreign holdings decreased by 13,150,000 shares. The share price of Royal Ceramics declined by Rs. 1.70 (4.28%) to close at Rs. 38.

Separately, Ceylon Tobacco Company announced an interim dividend of Rs. 19 per share.

Jaded debut for JAT Holdings