CSE bullish run ends with negative start in fresh week

Tuesday, 28 January 2020 01:28 - - {{hitsCtrl.values.hits}}

The Colombo stock market began a new week bearish, ending the positive run enjoyed last week.

Acuity Stockbrokers said the Bourse ended on a negative note as the ASPI decreased by 0.95% or 56.66 points to close at 5,934.63 points, while the S&P SL20 Index also decreased by 1.37% or 39.58 points to close at 2,843.43.

Market turnover decreased by 63.1% relative to last Friday to amount to Rs. 182 million while the turnover of Browns Investments accounted for 19.7% of the day’s total turnover.

Foreign investors meanwhile, recorded a net inflow of Rs. 11.3 million over the day compared to a net

outflow of Rs. 202.5 million recorded on Friday.

Last week the ASPI and the S&P SL20 gained 0.97% and 3.19%, respectively.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as John Keells Holdings, Distilleries and Dialog Axiata. A similar behavior was witnessed in the S&P SL20.

High net worth and institutional investor participation was noted in Hatton National Bank. Mixed interest was observed in Browns Investments and Access Engineering while retail interest was noted in Tokyo Cement Company nonvoting.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments) whilst the sector index lost 0.58%. The share price of Browns Investments decreased by Rs. 0.20 (3.77%) to close at Rs. 5.10.

The Banks sector was the second highest contributor to market turnover (due to Hatton National Bank) while the sector index decreased by 1.34%. The share price of Hatton National Bank moved down by Rs. 2.00 (1.23%) to close at Rs. 160.00.

Access Engineering, Lanka IOC and Tokyo Cement Company nonvoting were also included amongst the top turnover contributors. The share price of Access Engineering closed flat at Rs. 19.80. The share price of Lanka IOC closed flat at Rs. 18.20. The share price of Tokyo Cement Company nonvoting declined by Rs. 0.90 (2.31%) to close at Rs. 38.10. Furthermore, BPPL Holdings announced an interim dividend of Rs. 0.24 per share.