Stock market opens fresh week on a negative note

Tuesday, 7 January 2020 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market opened a fresh week on a negative note midst relatively low turnover though there was positivity with net foreign inflow.

Acuity Stockbrokers said the Bourse ended on a negative note as the ASPI decreased by 0.68% or 41.35 points to close at 6,069.93 points, while the S&P SL20 Index decreased by 1.19% or 34.71 points to close at 2,893.79.

Market turnover decreased by 25.5% relative to last Friday to amount to Rs. 445 million while the crossings for the day amounted to 19.4% of the day’s total turnover.

Foreign investors meanwhile, recorded a net inflow of Rs. 71.4 million over the day compared to a net outflow of Rs. 77 million recorded on Friday.

NDB Equities said the ASPI closed in red as a result of price losses in counters such as John Keells Holdings, Hatton National Bank and Commercial Leasing & Finance.

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

High net worth and institutional investor participation was noted in Dialog Axiata and Hemas Holdings. Mixed interest was observed in Tokyo Cement Company nonvoting whilst retail interest was noted in LOLC Holdings, Browns Investments and Access Engineering.

Furthermore, foreigners closed as net buyers mainly due to foreign purchasing in Dialog Axiata. Diversified sector was the top contributor to the market turnover (due to Browns Investments and Hemas Holdings) whilst the sector index lost 0.83%.

The share price of Browns Investments closed flat at Rs. 5.40. The share price of Hemas Holdings recorded a loss of Rs. 1.10 (1.39%) to close at Rs. 78.30. Banks, Finance and Insurance sector was the second highest contributor to the market turnover whilst the sector index decreased by 1.10%.

Access Engineering, Dialog Axiata and Tokyo Cement Company nonvoting were also included amongst the top turnover contributors. The share price of Access Engineering lost Rs. 0.70 (3.24%) to close at Rs. 20.90. The share price of Dialog Axiata moved up by Rs. 0.10 (0.78%) closing at Rs. 12.90 whilst foreign holdings increased by 4,232,426 shares. The share price of Tokyo Cement Company nonvoting declined by Rs. 1.60 (4.04%) to close at Rs. 38.