Colombo bourse remains bearish

Saturday, 13 June 2020 01:20 - - {{hitsCtrl.values.hits}}

The Colombo stock market, for the second consecutive day, remained bearish though closing the week positive thanks to early gains.

First Capital said Bourse ended in the red territory for the second consecutive session with LOLC contributing 38% of the turnover. The index was dragged down predominantly due to the dip in prices of JKH & DIAL.

“The ASPI witnessed a dive within the first few minutes of trading and hit its intraday low of 4,877, thereafter spiked and moved upwards at a continuous rate and closed at its intraday high of 4,915 losing 2 points,” First Capital said.

The turnover for the session was boosted by the parcel trades in LOLC, COMB, and CDB. Foreign investors continued to be net sellers while recording a moderate participation.

NDB Securities said the ASPI edged down as a result of price losses in counters such as John Keells Holdings, Dialog Axiata and Ceylon Beverage Holdings with the turnover crossing Rs. 1.3 billion.

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

According to NDB Securities high net worth and institutional investor participation was noted in LOLC Holdings and Commercial Bank. Mixed interest was observed in Sampath Bank and ACL Cables whilst retail interest was noted in Expolanka Holdings and Tokyo Cement Company.

Furthermore, foreigners remained active closing as net sellers. Total foreign sales accounted for 44.9% of the turnover.

“During the week, the ASPI and S&P SL20 gained 2.80% and 5.14%, respectively, whilst recording an average daily turnover of Rs. 1.5 billion,” NDB Securities revealed.

Yesterday diversified Financials sector was the top contributor to the market turnover (due to LOLC Holdings) whilst the sector index edged down by 0.03%. The share price of LOLC Holdings increased by Rs. 2.80 (2.39%) to close at Rs. 119.90.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank, Sampath Bank and Hatton National Bank) whilst the sector index increased by 0.51%. The share price of Commercial Bank gained Rs. 1.40 (2.08%) to close at Rs. 68.80 while the share price of Sampath Bank moved up by Rs. 0.30 (0.28%) to close at Rs. 109.30. Furthermore, the share price of Hatton National Bank edged down Rs. 0.10 (0.10%) to close at Rs. 99.90.

ACL Cables was also included amongst the top turnover contributors. The share price of ACL Cables recorded a loss of Rs. 0.20 (0.47%) to close at Rs. 42.