Stock market opens new week bearish

The Colombo stock market opened a new week with bearish sentiments midst low turnover and foreign outflow.

Acuity Stockbrokers said the Bourse ended on a negative note today as the ASPI decreased by 0.45% or 26.72 points to close at 5,906.20 points, while the S&P SL20 Index also decreased by 0.23% or 6.40 points to close at 2,784.66.

Market turnover decreased by 18.4% relative to last Friday to amount to Rs. 489 million while the crossings for the day amounted to 74.0% of the day’s total turnover. 

Foreign Investors meanwhile, recorded a net outflow of Rs. 350.8 million over the day compared to a net outflow of Rs. 77.1 million recorded last Friday.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as Nestle Lanka, Ceylon Tobacco Company and Cargills. 

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

Crossings were witnessed in Commercial Bank and John Keells Holdings, accounting for 74.0% of the turnover. 

Mixed interest was observed in Hatton National Bank and Sampath Bank whilst retail interest was noted in Access Engineering and Browns Investments. 

Banks sector was the top contributor to the market turnover (due to Commercial Bank, Hatton National Bank and Sampath Bank) whilst the sector index lost 0.26%. The share price of Commercial Bank edged up by Rs 0.10 (0.11%) to close at Rs. 90.00. The share price of Hatton National Bank recorded a loss of Rs. 2.00 (1.26%) to close at Rs. 157.10.  The share price of Sampath Bank appreciated by Rs 0.50 (0.33%) to close at Rs 153.00.

Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index closed flat 0.00%. The share price of John Keells Holdings closed flat at Rs. 163.10. Browns Investments was also included amongst the top turnover contributors. The share price of Browns Investments closed flat at Rs. 5.50.