CSE ends 7.89 points shy of 24,000 milestone

The Colombo stock market closed yesterday 7.89 points of the 24,000 mark despite crossing this barrier in early trading for the third consecutive session.

The ASPI ended on the up by 0.13% or 31.95 points at 23,992.11 and the active S&P SL20 was down 0.03% or 2.16 points at 6,670.21. In early trading, the ASPI reached an all-time intra-day high of 24,068.22 points.

Turnover was over Rs. 6.9 billion on mover 347.1 million shares traded. Foreign investors were sellers, posting a net outflow of Rs 480.2 million.

Almas Equities Research said overall sentiment remained sideways, as investors continued to engage in profit-taking, keeping the market in a consolidation phase without a clear directional trend.

A clearer market direction is likely to emerge once the quarterly earnings season concludes, as investors increasingly shift toward value-driven counters supported by stronger earnings visibility and attractive valuations. This trend was reflected across both retail participation and high-net-worth investor activity.

The capital goods sector led market turnover, recording Rs. 1.91 billion, supported by 64.90 million shares traded. JKH.N was the top contributor within the sector, generating Rs. 0.79 bn in turnover with 34.20 million shares traded.

Crossings accounted for Rs. 0.73 billion, representing 10% of total turnover. The largest crossing was recorded in PLR.N, with a turnover of Rs. 0.32 billion involving 7.43 million shares traded.

Market breadth remained weak, with 86 gainers and 140 decliners, indicating subdued sentiment across the broader market.

First Capital Research said the broader market moved up in the early session then gradually drifted lower and moved sideways for most of the day. 

Top positive contributors to the ASPI were CINS, SFCL, JKH, CTHR and COOP. While blue-chip counters dominated turnover, lower-valued counters gained momentum. 

HNW participation remained average, while retail investor activity was high. Daily turnover was an increase of 9.9% over the monthly average of Rs. 6.3 billion.

The Capital Goods sector led the daily turnover with a share of 28%, followed by the Real Estate Management and Development, and diversified financial sectors collectively contributing 29%. 

The ASPI closed in green as a result of price gains in counters such as Ceylinco Holdings, Senkadagala Finance and John Keells Holdings.

High net worth and institutional investor participation was noted in John Keells Holdings, Prime Lands Residencies and Singhe Hospitals. 

Mixed interest was observed in LOLC Holdings, ACL Cables and Co-Operative Insurance Company whilst retail interest was noted in Industrial Asphalts, Tess Agro and Waskaduwa Beach Resort. 

The capital goods sector was the top contributor to the market turnover due to John Keells Holdings and ACL Cables while the sector index gained 0.70%. The share price of John Keells Holdings increased by 30 cents to close at Rs. 22.90 and ACL Cables recorded a loss of 75 cents to close at Rs. 101.

Real estate sector was the second highest contributor to the market turnover due to Prime Lands Residencies while the sector index increased by 1.60%. The share price of Prime Lands Residencies gained Rs. 2.20 to close at Rs. 44.20.

LOLC Holdings and Co-Operative Insurance Company Ltd. were also included amongst the top turnover contributors.

LOLC Holdings moved up 75 cents to Rs. 615 and Co-Operative Insurance appreciated by 50 cent to close at Rs. 4.80.