The Colombo stock market turned bearish yesterday, indicating Wednesday’s rebound was fickle as both indices declined by 1.5% amidst moderate turnover. 

The All Share Price Index dipped by 1.4% and the S&P SL20 by 1.5%, whilst turnover amounted to Rs. 2.6 billion involving 139.3 million shares. The stock market debut of country’s largest renewable energy firm WindForce Ltd. and its impressive performance failed to boost overall sentiments.

First Capital said the Bourse reverted back to the red zone with the weak sentiment that prevailed throughout the session. 

“The ASPI moved downwards during the initial 15 minutes of trading and displayed a sideways movement during mid-day, concluding with a sharp downward movement during the latter part of the session, dragging the index down to 7,327, losing 106 points,” First Capital added.

It said WindForce inaugurated trading to record the highest turnover for the session. Utilities sector dominated the market with a sole contribution of 34% while parcel trades accounted for 6% of turnover. NDB Equities said the indices closed in red as a result of price losses in counters such as LOLC Holdings, Expolanka Holdings and Melstacorp.

It said high net worth and institutional investor participation was noted in WindForce and Sampath Bank. Mixed interest was observed in John Keells Holdings, Hayleys and Dipped Products, whilst retail interest was noted in Expolanka Holdings, Piramal Glass and Browns Investments. Furthermore, foreigners closed as net buyers mainly due to foreign purchasing in WindForce.

Utilities sector was the top contributor to the market turnover (due to WindForce), whilst the sector index lost 1.72%. The share price of WindForce increased by Rs. 2.50 (15.63%) closing at Rs. 18.50 whilst foreign holdings increased by 28,526,407 shares.

Materials sector was the second highest contributor to the market turnover (due to Dipped Products and Piramal Glass), whilst the sector index decreased by 2.36%. The share price of Dipped Products moved down by Rs. 1.20 (2.08%) to close at Rs. 56.50. The share price of Piramal Glass recorded a loss of Rs. 0.10 (0.86%) to close at Rs. 11.50.

Browns Investments and Sampath Bank were also included amongst the top turnover contributors. The share price of Browns Investments lost Rs. 0.10 (1.56%) to close at Rs. 6.30. The share price of Sampath Bank declined by Rs. 0.60 (1.16%) to close at Rs. 51.00.

WIND heads north as stock market shifts south