The Colombo stock market yesterday snapped a three-week upward trend as investor sentiment remained bearish.
During the week ASPI lost 3.14% and S&P SL20 by 3.12%. Average daily turnover was Rs. 1.4 billion. Proving Thursday’s gain was an aberration, the market reverted to negative mode yesterday amidst low turnover.
Asia Securities said the indices moved downwards in a subdued session on Friday as retail and HNI investors remained on the sidelines ahead of the weekend. The ASPI commenced the session with a gap-up of 35 points at 8,135 and moved in the narrow range of 8,100-8,125 in
the first hour trading.
Subsequently, the index lost another 50 points during closing hours and settled at 8,055 (-45 points or -0.6%). Heavyweight stocks LOLC (-2.2%), CTC (-3.8%), EXPO (-1.5%), JKH (-1.2%), and BIL (-2.0%) ended with losses while turnover stood at Rs. 1,311 million (previous session Rs. 1,441 million) boosted by the crossings recorded in WIND and SAMP. Overall, 84 stocks recorded price gains during the session while 93 ended with losses.
Asia also said foreigners recorded a net outflow of Rs. 5.3 million while their participation was flat at 1.0% of turnover (previous day 20.6%). Net foreign buying topped in HNB.N at Rs. 4.5 million while net foreign selling topped in DIAL at Rs. 6.6 million.
First Capital said the Bourse slid back to red hitting a new low as investors took a wait and see approach despite positive news on potential financial aid from India and Japan. Turnover was at a meagre level of Rs. 1.3 billion, with 2% stake change of WIND at Rs. 461.6 million contributed 36% to daily aggregate turnover.
“Although index opened on an upbeat note, gaining momentum did not last long as selling pressure sped up with significant volatility towards the end of the session as index-heavy counters dragged the ASPI down to 8,055 losing 45 points,” First Capital added.
NDB Securities said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Ceylon Tobacco Company, and Expolanka Holdings.
Crossings were witnessed in WindForce Ltd. and Sampath Bank, accounting for 43.7% of the turnover. It said mixed interest was observed in Lanka IOC, Expolanka Holdings and Teejay Lanka whilst retail interest was noted in Browns Investments, SMB Leasing nonvoting and LOLC Finance.
The Utilities sector was the top contributor to the market turnover (due to WindForce) whilst the sector index lost 1.28%. The share price of WindForce increased by 10 cents (0.71%) to close at Rs. 14.10.
Food, Beverage and Tobacco sector was the second-highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 0.72%. The share price of Browns Investments lost 20 cents (2.04%) to close at Rs. 9.60.
Lanka IOC, Sampath Bank and Expolanka Holdings were also included among the top turnover contributors. The share price of Lanka IOC moved down by 10 cents (0.16%) to close at Rs. 63.00. The share price of Sampath Bank recorded a loss of 20 cents (0.55%) to close at Rs. 36.00. The share price of Expolanka Holdings declined by Rs. 3.25 (1.52%) to close at Rs. 210.75.
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