CSE remains bearish

Wednesday, 8 January 2020 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained bearish, despite higher turnover and net foreign inflow for the second consecutive day.

Acuity Stockbrokers said the Bourse ended on a negative note as the ASPI decreased by 0.72% or 43.84 points to close at 6,026.09 points, while the S&P SL20 Index decreased by 1.24% or 35.80 points to close at 2,857.99.

Market turnover amounted to Rs. 1.44 billion. Crossings for the day amounted to 64.2% of the day’s total turnover.

Foreign investors meanwhile recorded a net inflow of Rs. 15.4 million over the day compared to a net inflow of Rs. 71.4 million on Tuesday.

NDB Equities said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Distilleries and Sampath Bank.

A similar behaviour was witnessed in the S&P SL20.

Crossings were witnessed in Sampath Bank and Dialog Axiata, accounting for 64.2% of the turnover. Mixed interest was observed in LOLC Holdings whilst retail interest was noted in Browns Investments and ACL Cables.

Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Sampath Bank and LOLC Holdings) whilst the sector index lost 0.99%. The share price of Sampath Bank decreased by Rs. 4.40 (2.76%) to close at Rs. 155.20. The share price of LOLC Holdings moved down by Rs. 4.10 (2.43%) to close at Rs. 164.90.

Diversified sector was the second highest contributor to the market turnover (due to John Keells Holdings and Browns Investments) whilst the sector index decreased by 0.34%. The share price of John Keells Holdings gained Rs. 0.80 (0.49%) to close at Rs. 162.90.

The share price of Browns Investments closed flat at Rs. 5.40.

Dialog Axiata was also included amongst the top turnover contributors. The share price of Dialog Axiata declined by Rs. 0.10 (0.78%) closing at Rs. 12.80 whilst foreign holdings increased by 2,442,072 shares.H