Colombo stock market’s struggle continues to third day

Thursday, 24 April 2025 00:02 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday saw its struggle continue for the third consecutive day though investor activity picked up marginally.

The benchmark ASPI was down by over 11 points whilst the active S&P SL20 was up by over 2 points. Turnover improved to Rs. 1.09 billion involving 38.4 million shares.

First Capital said the Colombo Bourse was weighed down by heightened volatility and subdued investor sentiment. The ASPI opened strong, climbing at the outset, but eventually dipped to close at 15,544, registering a modest 12 point decline. In contrast, the S&P SL20 edged up by 0.05%, finishing the day in positive territory. LION, MELS, CFIN, NTB, and DFCC were the top draggers on the index. Investor participation was notably muted, with both retail and HNW investors largely inactive. Sentiment remained particularly weak towards the Banking sector, while the Diversified Financials and Food, Beverage and Tobacco sectors drew some attention ahead of the upcoming earnings season. The turnover marked a 57.4% decrease from the monthly average. The topmost contributor to the turnover was the Food, Beverage and Tobacco sector, which constituted a 37% share, followed by the Diversified Financials sector at 19% and the Capital Goods Sector at 18%.

Asia Securities said indices witnessed a mixed trading session. JKH (+1.0%), SUN (+0.9%), and CCS (+0.8%) closed higher, while CFIN (-1.3%), DFCC (-1.0%), and MGT (-0.7%) ended in the red during the session. JKH (+8 points) and HNBN (+4 points) came in as the major index movers, while LION (-6 points) and MELS (-5 points) ended as the biggest laggards on the ASPI. The market breadth was negative, with 80 price gainers and 98 decliners.

Turnover was led by SUN (Rs. 140 million), JKH (Rs. 76 million) and CTC (Rs. 64 million).

Foreigners recorded a net outflow of Rs. 32 million. Net foreign buying topped in LMF at Rs. 17.5 million and selling topped in CTC at Rs. 63.6 million.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Hayleys and Sunshine Holdings. Mixed interest was observed in Commercial Credit and Finance, LB Finance and Vallibel Finance whilst retail interest was noted in Tess Agro, Marawila Resorts and Softlogic Holdings.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Sunshine Holdings and Ceylon Tobacco Company) whilst the sector index closed flat. The share price of Sunshine Holdings increased by 20 cents to Rs. 22. The share price of Ceylon Tobacco Company moved down by Rs. 3.75 to Rs. 1,340.

The Diversified Financials sector was the second highest contributor to the market turnover (due to Commercial Credit & Finance and LB Finance) whilst the sector index decreased by 0.51%. The share price of Commercial Credit and Finance recorded a gain of 10 cents to Rs. 66.90. The share price of LB Finance appreciated by 60 cents to Rs. 92.90.

John Keells Holdings was also included amongst the top turnover contributors with its share price gaining 20 cents to Rs. 19.90.

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