CSE ends nine day winning streak

The Colombo stock market yesterday saw its nine day winning streak end as investor sentiment turned wary. 

Both indices declined by over 0.2%. Turnover was Rs. 711 million involving 28.7 million shares. Foreigners remained net sellers.

Asia Securities said the indices closed lower after nine sessions of gains with notable price losses recorded by GRAN (-6.4%), AGST (-1.5%), NTB (-1.4%), and SAMP (-1.1%). VPEL (+2.7%), MGT (+2.6%) and CALT (+2.5%) saw price gains during the session. 

CFIN (+4 points) came in as the major driver of the ASPI for the day, followed by JKH (+3 points), and SPEN (+3 points) while SAMP (-6 points), GRAN (-4 points) and HNB (-3 points) ended as the biggest laggards on the ASPI. The breadth of the market remained negative with 63 price gainers and 83 decliners.

Turnover was led by JKH (Rs. 176 million), COMB (Rs. 72 million) and SAMP (Rs. 58 million). 

Asia also said foreigners recorded a net outflow of Rs. 28.3 million. Net foreign buying topped in JKH at Rs. 78.6 million and selling topped in COMB.N at Rs. 68 million.First Capital too said the bourse ended in the red zone ending its nine day streak of gains. ASPI was observed to have a downward trend from the start of the session, due to high selling pressure on Banking counters such as SAMP & HNB, and ended the day at 10,557 recording a 27 point drop from yesterday. Moreover, an increased volume was traded by the retail market on CALT. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Commercial Bank and Dialog Axiata. Mixed interest was observed in Sampath Bank, Capital Alliance and Expolanka Holdings whilst retail interest was noted in Vallibel Power Erathna, Vidullanka and Agstar. 

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 0.34%. The share price of John Keells Holdings increased by one Rupee to Rs. 188.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank and Sampath Bank) whilst the sector index decreased by 0.65%. The share price of Commercial Bank closed flat at Rs. 89.50. The share price of Sampath Bank moved down by 80 cents to Rs. 72.

Capital Alliance and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Capital Alliance recorded a gain of Rs. 1.30 to Rs. 52.40. The share price of Expolanka Holdings declined by 75 cents to Rs. 133.25.

Separately Ceylon Cold Stores announced its interim dividend of Rs. 1.43 per share