Winning streak takes a breather at CSE

Thursday, 24 September 2020 04:37 - - {{hitsCtrl.values.hits}}

The winning streak witnessed at the Colombo stock market for over two weeks ended yesterday as investors took a welcome breather and turnover settling at Rs. 2 billion level.

Acuity Stockbrokers said the bourse ended on a negative note as the ASPI decreased by 0.15% or 8.84 points to close at 5,772.10 points, while the S&P SL20 Index decreased by 0.25% or 6.34 points to close at 2,486.01.

Turnover decreased by 14.8% relative to Tuesday to Rs. 2.15 billion while the crossings amounted to 7.7% the day’s total turnover. Foreign investors recorded a net outflow of Rs. 115.1 million over the day compared to a net outflow of Rs. 109 million on Tuesday.

First Capital said the bourse experienced a cool-off, disrupting the winning streak witnessed for more than two weeks, driving the market down the negative direction.

“Index experienced a gradual downward movement during mid-day as it hit its intraday low of 5,739. Later market bounced back and closed at 5,772 with a dip of nine points, failing to eke a gain,” First Capital added.

It said Capital Goods & Banking counters led the turnover contributing 42% while the parcel trades amounted to 8% of total. Foreign investors continued on the sell-side dominance with low participation.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as HNB Finance Limited, Dialog Axiata and LOLC Development Finance.

It said high net worth and institutional investor participation was noted in Access Engineering, Kelani Tyres and DFCC Bank. Mixed interest was observed in Lanka IOC, Tokyo Cement Company non-voting, whilst retail interest was noted in Panasian Power and Browns Investments.

Capital Goods sector was the top contributor to the market turnover (due to Access Engineering), whilst the sector index gained 0.30%. The share price of Access Engineering gained Rs. 1.10 (4.68%) to close at Rs. 24.60.

The Banking sector was the second highest contributor to the market turnover (due to DFCC Bank), whilst the sector index decreased by 0.45%. The share price of DFCC Bank decreased by Rs. 1.20 (1.68%) to close at Rs. 70.10.

Kelani Tyres, Lanka IOC and Tokyo Cement Company non-voting were also included amongst the top turnover contributors. The share price of Kelani Tyres moved up by Rs. 1.40 (1.75%) to close at Rs. 81.20, while the share price of Lanka IOC recorded a gain of Rs. 0.90 (3.56%) to close at Rs. 26.20.

Share price of Tokyo Cement Company non-voting appreciated by Rs. 0.40 (0.91%) to close at Rs. 44.20.