Stocks record lowest daily turnover since Aug.

Thursday, 11 March 2021 00:00 - - {{hitsCtrl.values.hits}}

Shares ended lower yesterday driven by a slide in financial services and consumer discretionary stocks, brokers said with the Colombo Stock Exchange (CSE) All Share Index ending 1.15% lower at 7,212.66.

Trading volume plunged to 31.4 million from 143.9 million in the previous session.

The ASPI closed in red as a result of price losses in counters such as Commercial Leasing and Finance, Ceylinco Insurance and Carson Cumberbatch with the turnover crossing Rs. 655 million. A similar behaviour was witnessed in the S&P SL20, NDB Securities said.

High net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Haycarb, Softlogic Life Insurance and Sampath Bank, whilst retail interest was noted in Expolanka Holdings, Browns Investments and Dipped Products.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

The Materials sector was the top contributor to the market turnover (due to Dipped Products and CIC Holdings), whilst the sector index lost 0.88%. The share price of Dipped Products lost Rs. 0.70 (1.39%) to close at Rs. 49.50. The share price of CIC Holdings declined by Rs. 1.00 (1.79%) to close at Rs. 55.00.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank), whilst the sector index decreased by 1.82%. The share price of HNB moved down by Rs. 3.00 (2.29%) to close at Rs. 128.00.

Browns Investments and Expolanka Holdings were also included amongst the top turnover contributors.

Furthermore, the share price of Browns Investments decreased by Rs. 0.10 (1.82%) to close at Rs. 5.40, whilst the share price of Expolanka Holdings recorded a loss of Rs. 0.40 (0.86%) to close at Rs. 46.10.

Moreover, Softlogic Life Insurance announced an interim dividend of Rs 2.50 per share.