The Colombo stock market began a new week on a negative note amidst multiple litigation against the Port City Commission Bill.

The All Share Price Index (ASPI) declined by 0.6% or 47 points and the S&P SL20 dipped sharper by 0.9% or 29 points. Turnover was a healthy Rs. 3 billion with 127 million shares traded. 

In early trade, the indices plunged sharply and recovered mid-day before closing lower.

Asia Securities said the ASPI initially followed a wave pattern and then declined more gradually due to price losses in counters such as LOLC, Vallibel One, Melstacorp and Expolanka. Turnover remained healthy driven by retail and HNI activity, it added.

Asia said tile manufacturers featured among the top contributors to turnover as interest in these counters picked up during the day. 

The Capital Goods, Materials, Food, Beverage and Tobacco, and Banks sectors led activity, collectively accounting for 88.2% of turnover. 

NDB Equities also said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Vallibel One and Melstacorp.

It said high net worth and institutional investor participation was noted in Hatton National Bank, Swisstek (Ceylon) and Lanka Walltiles. Mixed interest was observed in Hayleys, Dipped Products and Royal Ceramics, whilst retail interest was noted in LOLC Holdings, Expolanka Holdings and Browns Investments. 

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics and Lanka Walltiles), whilst the sector index lost 0.96%. The share price of Royal Ceramics increased by Rs. 1.50 (0.41%) to close at Rs. 367.75. The share price of Lanka Walltiles declined by Rs. 0.50 (0.93%) to close at Rs. 53.20.

The Materials sector was the second highest contributor to the market turnover (due to Swisstek and Dipped Products), whilst the sector index decreased by 0.71%. The share price of Swisstek moved up by Rs. 1.70 (5.80%), closing at Rs. 31, whilst foreign holdings decreased by 2,963,858 shares. The share price of Dipped Products recorded a loss of Rs. 0.60 (1%) to close at Rs. 59.70.

Browns Investments was also included amongst the top turnover contributors. The share price of Browns Investments lost Rs. 0.10 (1.54%) to close at Rs. 6.40.

Foreigners recorded a net outflow of Rs. 188.6 million. Estimated net foreign buying topped in TKYO at Rs. 4.9 million and net foreign selling topped in PARQ at Rs. 91.9 million.

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