CSE bearish run continues despite high share volume of 234 m

The bearish run at the Colombo stock market persisted yesterday as both indices dipped sharply despite improved turnover.

The All Share Price and the S&PSL 20 indices lost 1% each. A high 234.7 million shares were traded up by 101% whilst turnover was Rs. 2.2 billion up from Rs. 1.3 billion Thursday. 

During the week, the ASPI lost 0.10%, while S&P SL20 gained 1.07%, recording an average daily turnover of Rs. 2.26 billion according to NDB Securities.

First Capital said the bourse ended on a negative note for the third consecutive day concluding the week bearish. 

“ASPI displayed a continuous declining trend since the beginning of the session till mid-day hitting an intra- day low of 7,154. Later, the market recovered, displaying an upward momentum over the latter part of the session while closing at 7,221 losing 73 points,” First Capital added. 

It said turnover was led by the Food, Beverages and Tobacco sector and Materials sector with a joint contribution of 50%. 

Asia Securities said the indices trended downwards initially with the ASPI reaching its intra-day low of 7,155 level. This was followed by a gradual upward movement as the index gained 65 points in the latter part of the session. 

Active counters, such as BIL, DIPD and RCL, witnessed price declines while turnover remained at healthy levels. 

The Food, Beverage and Tobacco, Materials, Capital Goods and Banks sectors led activity, collectively accounting for 74.3% of turnover. 

Asia said foreigners recorded a net outflow of Rs. 39.8 million while their participation declined to 7.8% of turnover (previous day 9.8%). Estimated net foreign buying topped in SAMP.N at Rs. 87 million and net foreign selling topped in LLUB at Rs. 44.5 million. 

NDB Securities said the ASPI closed in red as a result of price losses in counters, such as Browns Investments, LOLC Holdings and John Keells Holdings.

It said high net worth and institutional investor participation was noted in Dialog, Dipped Products, and Haycarb. Mixed interest was observed in Chrissworld Ltd., Expolanka Holdings, and Royal Ceramics whilst retail interest was noted in SMB Leasing nonvoting and Browns Investments. 

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), whilst the sector index lost 1.18%. The share price of Browns Investments decreased by Rs. 0.40 (5.97%) to close at Rs. 6.30.

Materials sector was the second-highest contributor to the market turnover (due to Dipped Products), whilst the sector index decreased by 1.45%. The share price of Dipped Products lost Rs. 1.60 (2.94%) to close at Rs. 52.90.

Royal Ceramics, Sampath Bank and Dialog Axiata were also included amongst the top turnover contributors. The share price of Royal Ceramics moved down by Rs. 0.80 (2.14%) to close at Rs. 36.60. The share price of Sampath Bank recorded a gain of Rs. 0.10 (0.19%) to close at Rs. 52.10. The share price of Dialog Axiata appreciated by Rs. 0.10 (0.79%) closing at Rs. 12.80 whilst foreign holdings decreased by 2,999,500 shares.

Separately, Dialog Axiata, CIC Holdings, Lanka Ceramic, John Keells, Hemas Holdings and Chemanex announced their final dividends of Rs. 0.74, Rs. 1.25, Rs. 0.90, Rs. 2.29, Rs. 1.45 and Rs. 1 per share, respectively.