The Colombo stock market began the new week on a negative note though investors took heart from the above Rs. 1 billion turnover and relatively mature behaviour, thereby checkmating a steeper fall owing to the rapid spread of COVID-19 in the country.
The All Share Price Index ended down only 13 points or 0.2% though the more active S&P SL 20 Index shed over 19 points or 0.8%. Turnover was a respectable Rs. 1.25 billion.
First Capital said the bourse reverted to negative territory, experiencing a slight dip amidst the virus pain, with heavy retail activities being centred on selective Materials and Transportation counters.
“The index spiked within the first few minutes of trading as it reached its intraday high of 5,748. Later the market witnessed a gradual downtrend for the rest of the session and closed at 5,714, losing 13 points,” it added.
Materials sector counters completed a week of dominance in turnover, contributing 35% of total.
NDB Securities said the ASPI closed in red as a result of price losses in counters such as Commercial Bank, LOLC Holdings and Asiri Hospital Holdings.
It said high net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Expolanka Holdings, Dipped Products and Tokyo Cement Company non-voting, whilst retail interest was noted in LOLC Holdings, Tokyo Cement Company and Panasian Power.
The Materials sector was the top contributor to the market turnover (due to Dipped Products and Tokyo Cement Company non-voting and voting,) whilst the sector index lost 0.61%. The share price of Dipped Products lost Rs. 3.60 (1.15%) to close at Rs. 310.70. Share price of Tokyo Cement Company non-voting moved down by Rs. 1.50 (2.79%) to close at Rs. 52.20. The share price of Tokyo Cement Company declined by Rs. 1.80 (2.87%) closing at Rs. 61, whilst foreign holdings increased by 82,000 shares.
Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 4.40%. The share price of Expolanka Holdings increased by Rs. 0.80 (4.42%) to close at Rs. 18.90.
LOLC Holdings was also included amongst the top turnover contributors. The share price of LOLC Holdings recorded a loss of Rs. 3 (2.44%) to close at Rs. 120.
The market saw net foreign selling of Rs. 179 million, lower in comparison to Rs. 467.6 million on Thursday.
(FT)