Subdued run at CSE continues; foreigners net buyers

The Colombo stock market’s subdued run continued yesterday amidst low investor interest and activity.

The active S&P SL20 gained by 8 points or 0.3% whilst the benchmark ASPI declined by 12 points of 0.1%. 

Turnover was Rs. 933.4 million (above Rs. 632 million on Wednesday) involving 43 million shares.

On a positive note, foreigners recorded a net inflow of Rs. 143.6 million while their participation increased to 18.8% of turnover (previous day 10.1%). Net foreign buying topped in TKYO.X at

Rs. 97.8 million followed by EXPO (Rs. 24.5 million) and JKH (Rs. 12.7 million)

Asia Securities said the indices closed mixed with the ASPI edging lower for a fourth consecutive session while the S&P SL20 index inched higher on the back of price increases in EXPO (+2.4%), RCL (+1.0%), HAYL (+1.0%), and MELS (+3.0).

However, TKYON (-2.6%), SCAP (-2.9%), SLTL (-2.3%), AAIC (-3.2%), and LOFC (-1.7%) recorded price losses during the session. The breadth of the market remained negative with 68 price gainers and 88 decliners.

Turnover was led by DIAL (Rs. 120 million) and JKH (Rs. 106 million).

First Capital said the bourse regressed to red with selling pressure on banking and diversified sector counters weighing down on the ASPI. Activities also took a dull turn as investors took a sidelined approach. On the positive side, EXPO and MELS remained the top contributors for the day whilst DIAL and JKH topped the turnover list observed through mixed investor activities during the day. NDB Securities said high net worth and institutional investor participation was noted in Hayleys and John Keells Holdings. Mixed interest was observed in Dialog Axiata, Tokyo Cement Company nonvoting and Expolanka Holdings whilst retail interest was noted in Browns Investments, Softlogic Capital and LOLC Finance.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Royal Ceramics) whilst the sector index edged up by 0.07%. The share price of John Keells Holdings closed flat at Rs. 137. The share price of Royal Ceramics appreciated by 30 cents to Rs. 28.90.

The Materials sector was the second highest contributor to the market turnover (due to Tokyo Cement Company nonvoting) whilst the sector index decreased by 0.68%. The share price of Tokyo Cement Company nonvoting closed flat at Rs. 48.

Dialog Axiata and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Dialog Axiata closed flat at Rs. 10.80. The share price of Expolanka Holdings recorded a gain of Rs. 4 to Rs. 169.75.