The Colombo stock market ended March on a negative note, but fared better than the sharper slump experienced in February.
NDB Equities said the ASPI in March lost 4.75% and the S&P SL20 declined by 3.93%. Though down, it was less emphatic than what was seen in February, which suffered a 13.7% dip in terms of ASPI and 15.6% on the basis of S&P SL20.
Thanks to the record high achieved in January, the ASPI year-to-date (YTD) was still up 5% and S&P SL20 higher by 8%. In January, the indices shot up by 30%.
In terms of market capitalisation, the CSE lost Rs. 158 billion in value in March, down by 5%, as opposed to 14% in February. YTD market capitalisation is up 5%.
Trading and investor sentiment on the last day of March was lacklustre. The ASPI managed to close up by six points, but the S&PSL20 declined by over 31 points. Turnover was Rs. 777.9 million as against the average daily figure of Rs. 1.86 billion in March.
First Capital said the bourse managed to eke a gain reverting the direction of the market back to positive, despite a turnover of less than Rs. 1 billion.
“The index saw a zigzag movement within the first 30 minutes of trading and thereafter witnessed a volatile sideways movement during mid-day. Within the final 30 minutes of trading, market recorded an uptrend and closed at 7,121, gaining a mere six points,” First Capital added.
It said the Capital Goods sector led the turnover for the session, closely followed by the Materials sector, making a joint contribution of 46%.
NDB Equities said the ASPI edged up as a result of price gains in counters such as Lion Brewery, Hayleys and HNB Finance Ltd.
It said high net worth and institutional investor participation was noted in Expolanka Holdings and Lion Brewery. Mixed interest was observed in Sanasa Development Bank, Richard Pieris and Company and Hayleys, whilst retail interest was noted in Browns Investments, Piramal Glass and Sampath Bank.
The Capital Goods sector was the top contributor to the market turnover (due to Hayleys and Richard Pieris and Company), whilst the sector index edged down by 0.02%.
The share price of Hayleys moved up by Rs. 2.10 (3.58%) to close at Rs. 60.80. The share price of Richard Pieris and Company closed flat at Rs. 16.80.
The Materials sector was the second highest contributor to the market turnover (due to Piramal Glass and Dipped Products), whilst the sector index decreased by 0.20%. The share price of Piramal Glass increased by Rs. 0.10 (0.91%) to close at Rs. 11.10. The share price of Dipped Products appreciated by Rs. 0.10 (0.22%) to close at Rs. 46.40.
Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings lost Rs. 0.10 (0.22%) to close at Rs. 44.70.
Separately, Union Bank announced a final dividend of Rs. 0.13 per share.
Net foreign selling was Rs. 37 million, down from Rs. 137 million on Tuesday, whilst YTD net outflow was Rs. 17.6 billion.
Asia Securities said estimated net foreign buying topped in CIC.X at Rs. 2.7 million and net foreign selling topped in CTC.N at Rs. 12.6 million.
(FT)