Colombo stock market remains negative

The Colombo stock market remained negative  for the second consecutive day though the slide was less volatile as opposed to Monday amidst low turnover. 

Both indices S&P SL20 and ASPI dipped by 1.9% whilst turnover was only Rs. 815 million involving 44 million shares. 

Asia Securities said the indices extended decline due to price losses in EXPO (-4.2%), BIL (-5.2%), LOFC (-4.4%), LIOC (-3.0%), and VONE (-4.6%). Lower retail and HNI activity was recorded with turnover led by EXPO (Rs. 183 million), HNB (Rs. 82 million), and LIOC (Rs. 72 million). 

Asia said the ASPI commenced the session with a gap-down of 97 points at 7,355 and hovered in the range of 7,320-7,350 throughout the session. Overall, 31 stocks recorded price gains during the session while 145 settled with losses.

It also said foreigners recorded a net inflow of Rs. 20.5 million. Net foreign buying topped in EXPO at Rs. 9 million and selling topped in COMB.X at Rs. 2.2 million.

First Capital said the bourse recorded a heavy loss for the second straight session owing to the distressing economic climate with Government’s decision to issue fuel only to essential services suspending sales to the public. 

“As soon as the market opened index recorded a sharp plunge losing over 90 points reflecting wearied investor sentiment. Afterwards index moved on a sideways drift while selling was witnessed on retail favourite counters such as BIL and LOFC before closing for the day at 7,313,” First Capital added.

It said turnover declined with the Banking sector contributing 28% mainly led by the crossing transaction of COMB and Transportation sector contributing 22% to the total.

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank and Hatton National Bank. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Sampath Bank whilst retail interest was noted in Browns Investments, SMB Leasing and LOLC Finance. 

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Commercial Bank) whilst the sector index lost 1.59%. The share price of Hatton National Bank lost Rs. 1.90 (2.38%) to close at Rs. 78.10. The share price of Commercial Bank appreciated by 10 cents to close at Rs. 50.10.

Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) whilst the sector index decreased by 4.23%. The share price of Expolanka Holdings decreased by Rs. 7.50 (4.23%) to close at Rs. 169.75. 

Lanka IOC and Browns Investments were also included amongst the top turnover contributors. The share price of Lanka IOC moved down by Rs. 2.10 (2.99%) to close at Rs. 68.10. The share price of Browns Investments recorded a loss of 40 cents (5.19%) to close at Rs. 7.30.