CSE suffers first weekly loss in a month

The Colombo stock market managed to close marginally on the up but ended the week negative for the first time in almost a month. The All Share Price Index inched up by two points whilst the S&PSL20 closed marginally negative. Turnover was Rs. 3.5 billion involving 143 million shares. NDB Securities said the indices recorded weekly losses for the first time in four weeks.

During the week, the ASPI and the S&P SL20 lost 0.57% and 1.84%, respectively, whilst recording an average daily turnover of Rs. 2.83 billion.

It said yesterday the ASPI edged up as a result of price gains in counters such as Expolanka Holdings, Royal Ceramics and Vallibel One.

High net worth and institutional investor participation was noted in Sampath Bank, Vallibel One and Kotagala Plantations. Mixed interest was observed in Expolanka Holdings, Royal Ceramics and ACL Cables, whilst retail interest was noted in Browns Investments, Industrial Asphalts and Nation Lanka Finance.

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics, ACL Cables and Vallibel One), whilst the sector index gained 0.50%. The share price of Royal Ceramics increased by Rs. 1.60 (3.40%) to close at Rs. 48.60. The share price of ACL Cables gained Rs. 3.70 (8.03%) to close at Rs. 49.80. The share price of Vallibel One moved up by Rs. 1.20 (1.97%) to close at Rs. 62.20.

Food, Beverage and Tobacco sector was the second-highest contributor to the market turnover, whilst the sector index decreased by 0.10%.

Sampath Bank and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Sampath Bank recorded a loss of Rs. 0.20 (0.36%) to close at Rs. 55.50. The share price of Expolanka Holdings appreciated by Rs. 2.50 (1.29%) to close at Rs. 195.75.

First Capital said the bourse managed to remain in the green territory for the second consecutive day, securing a marginal gain of two points.

“Trading began on an optimistic note and reached its intraday peak of 9,686 during the first few minutes of the session. Following the brief open in the positive, the index moved sideways during mid-day and fell at a steady pace for the rest of the day, before witnessing a slight recovery towards the end, closing at 9,624,” First Capital added.

It said turnover was led by the Capital goods sector, followed by the Food, Beverage and Tobacco sector accounting for a joint contribution of 60%.

Asia Securities said after a positive start to the session, the indices pared their intra-day gains in the second half of trading as investors engaged in selling and profit-booking activities in certain heavyweight stocks ahead of a long weekend.

It said turnover picked up to the highest level for the week boosted by a number of large block trades executed during the session, led by SAMP, VONE, KOTA, and RCL.

“Following a 60-point gap, the ASPI touched an intra-day high of 9,682 at the market open today and moved within the range of 9,660-9,680 till mid-afternoon trade,” Asia said.

“However, price declines in JKH, CLC, and BIL weighed on the index and dampened the momentum thereupon. On the contrary, tile-manufacturing companies recorded price gains along with EXPO, VONE, and ACL and collectively cushioned the decline in the ASPI. Eventually, the ASPI managed to end in the positive territory while the more liquid S&P SL 20 index edged lower,” Asia added. Overall, 80 stocks posted price gains during the session while 104 stocks closed in red.

Foreigners recorded a net inflow of Rs. 1 million while their participation remained flat at 1.1% of turnover (previous day 0.9%). Estimated net foreign buying topped in VONE at Rs. 20.3 million and net foreign topped in Balangoda Plantations at Rs. 22 million.