The Colombo stock market yesterday gained but couldn’t prevent finishing the week on a negative note for first time 14 weeks.

The All Share Price Index gained by 31 points, or 0.37%, whilst the S&PSL20 gained by 11 points or 0.3%. Turnover was Rs. 5.16 billion, the lowest in a month. 

NDB Securities said during the week, the ASPI and the S&P SL20 lost 4.53% and 5.97%, respectively, whilst recording an average daily turnover of Rs. 10.52 billion.

It said the ASPI yesterday closed in green as a result of price gains in counters such as Expolanka Holdings, Haycarb and Hayleys.

High net worth and institutional investor participation was noted in Sampath Bank and Expolanka Holdings. Mixed interest was observed in Sunshine Holdings, Ceylon Grain Elevators and LOLC Holdings, whilst retail interest was noted in Vallibel One, Dipped Products and Haycarb. 

Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics and John Keells Holdings), whilst the sector index edged up by 0.12%. The share price of Royal Ceramics moved up by Rs. 13.75 (4.10%) to close at Rs. 349. The share price of John Keells Holdings declined by Rs. 3.75 (2.36%) closing at Rs. 155.25 whilst foreign holdings decreased by 917,746 shares.

Materials sector was the second highest contributor to the market turnover (due to Dipped Products), whilst the sector index increased by 4.69%. The share price of Dipped Products recorded a gain of Rs. 42.25 (6.36%) to close at Rs. 706.75.

Expolanka Holdings and Sampath Bank were also included amongst the top turnover contributors. The share price of Expolanka Holdings increased by Rs. 4.40 (8.82%) to close at Rs. 54.30. The share price of Sampath Bank lost Rs. 3.50 (1.95%), closing at Rs. 176.25 whilst foreign holdings decreased by 1,754,784 shares.

Separately Ceylon Grain Elevators, Three Acre Farms, Sunshine Holdings, Panasian Power and Vallibel Power Erathna announced their interim dividends of Rs. 9, Rs. 11, Rs. 1, Rs. 0.12 and Rs. 0.30 per share, respectively.

First Capital said the Bourse up ticked for the second consecutive session, recording a one-month low turnover amidst the dull investor sentiment fuelled by the long weekend atmosphere. 

“Index experienced a spike, followed by a steep downtrend during the early hour of trading. Thereafter market rebounded and moved upwards till mid-day. Later index witnessed a slight downtrend, followed by another uptrend during the latter part of the session and closed at 8,275 gaining 31 points,” First Capital added. 

It said Capital Goods sector continued to lead the turnover for the session followed by Materials sector making a combined contribution of 44%. 

Asia Securities said the market continued its positive momentum backed by retail and HNI participation, however, turnover levels were subdued. 

“Renewed interest was noted in EXPO during the day. Furthermore, SAMP continued to witness foreign selling while institutions and HNIs continued to take positions on the stock,” it added.

Net foreign selling amounted to Rs. 634.5 million, up from Rs. 285 million on Wednesday, bringing the year to date net outflow to Rs. 9.9 billion.

Estimated net foreign buying topped in BIL at Rs. 6.6 million and net foreign selling topped in SAMP at Rs. 309.3 million. 

Sunshine Holdings goes for 1 into 3 share split