Stock market lacklustre

Wednesday, 2 October 2019 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained subdued for the second consecutive day with low turnover.

Acuity Stockbrokers said the Bourse ended on a mixed note as the ASPI decreased by 0.08% or 4.60 points while the S&P SL20 Index increased by 0.04% or 1.20 points.

Market turnover was Rs. 200 million, down by 72% from Monday while the crossings accounted for 37.8% of the day’s total turnover. Ceylinco Insurance topped the turnover list with Rs. 81 million of its shares traded.

Foreign investors recorded a net inflow of Rs. 4.6 million as against Rs. 232.6 million on Monday. Foreign buying was mainly seen in Aitken Spence.

NDB Equities said the ASPI edged down as a result of price losses in counters such as Ceylon Tobacco Company, Commercial Leasing and Finance and Dialog Axiata. High net worth and institutional investor participation was noted in Ceylinco Insurance and Aitken Spence. Mixed interest was observed in Access Engineering and Seylan Bank nonvoting whilst retail interest was noted in Teejay Lanka and Janashakthi Insurance Company.

The Banks, Finance and Insurance sector was the top contributor to market turnover (due to Ceylinco Insurance and Seylan Bank nonvoting) whilst the sector index lost 0.21%. The share price of Ceylinco Insurance closed flat at Rs. 1,880.00. The share price of Seylan Bank nonvoting recorded a loss of Rs. 0.80 (2.70%) to close at Rs. 28.80.

The diversified sector was the second highest contributor to market turnover (due to Aitken Spence) whilst the sector index increased by 0.13%. The share price of Aitken Spence gained Rs. 0.80 (1.82%), closing at Rs. 44.80 while foreign holdings increased by 83,856 shares.

Access Engineering and Tokyo Cement Company were also included amongst the top turnover contributors. The share price of Access Engineering moved up by Rs. 0.10 (0.56%) to close at Rs. 18.10. The share price of Tokyo Cement Company appreciated by Rs. 0.10 (0.29%) to close at Rs. 34.20.