Foreign buying returns but Bourse negative

The Colombo stock market turned negative yesterday despite return of foreign buying. 

ASPI was down by 17 points and S&P SL20 was down by 21 points. Turnover was Rs. 542 million.

NDB Equities said the ASPI closed in red as a result of price losses in counters such as John Keells Holdings, LOLC Development Finance and Sampath Bank. A similar behaviour was witnessed in the S&P SL20. High net worth and institutional investor participation was noted in Sampath Bank, Dialog Axiata and Teejay Lanka. Mixed interest was observed in Union Bank and John Keells Holdings whilst retail interest was noted in First Capital Holdings. 

It said foreigners remained active closing as net buyers mainly due to foreign purchasing in Sampath Bank and Dialog Axiata. Total foreign purchases accounted for 43.4% of the turnover.

During the week, the ASPI and the S&P SL20 lost 0.54% and 1.74% respectively whilst recording an average daily turnover of Rs. 1.4 billion.

Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Sampath Bank and Union Bank) whilst the sector index lost 0.59%. The share price of Sampath Bank decreased by Rs. 3.80 (2.39%) closing at Rs. 154.90 whilst foreign holdings increased by 551,860 shares.  The share price of Union Bank recorded a gain of Rs. 0.30 (2.17%) to close at Rs. 14.10.

Telecommunications sector was the second highest contributor to the market turnover (due to Dialog Axiata) whilst the sector index decreased by 0.45%. The share price of Dialog Axiata lost Rs. 0.10 (0.94%) closing at Rs. 10.50 whilst foreign holdings increased by 5,037,466 shares.

Teejay Lanka and John Keells Holdings were also included amongst the top turnover contributors. The share price of Teejay Lanka moved down by Rs. 0.50 (1.39%) to close at Rs. 35.50. The share price of John Keells Holdings declined by Rs. 1.30 (0.86%) to close at Rs. 150.10.