CSE ends week on the up despite Friday fall

The Colombo stock market closed yet another week on the up despite a sharp fall yesterday. 

The benchmark ASPI gained 162.04 points (1.72%) during the week while the S&P SL20 lost 15.04 points (0.53%).

Daily turnover averaged Rs. 2.7 billion improving from Rs. 1.6 billion last week.

Asia Securities said the indices ended Friday on a subdued note as investors extended profit-taking in LIOC (-1.9%), SAMP (-2.5%), DIAL (-1.9%), MELS (-3.3%), SUN (-2.2%), VONE (-2.3%), ACL (-3.1%), and LOLC (-1.5%). Nevertheless, SCAP (+9.5%), PACK (+3.1%), AAIC (+4.1%), and WATA (+2.4%) closed higher for the day.

COMB (-18 points), SAMP (-13 points), and VONE (-10 points) ended as the biggest laggards on the ASPI during the session. The breadth of the market was negative with 64 price gainers and 123 decliners.

Turnover declined to Rs. 1.8 billion from Rs. 2.5 billion on Thursday led by JKH (Rs. 248 million) and SCAP (Rs. 186 million). Off-board transactions accounted for 19.5% of turnover on crossings in HAYL (Rs. 309.6 million), HNBN (Rs. 253.8 million), EXPO (Rs. 30 million), LFIN (Rs. 22.4 million), and MGT (Rs. 20.6 million).

Asia also said foreigners recorded a net inflow of Rs. 19.8 million. Net foreign buying topped in JKH at Rs. 50 million and selling topped in VFIN at Rs. 32.6 million.

First Capital said after continuous gains in the previous sessions, the bourse regressed to red with selling pressure on banking sector counters weighing down on the ASPI.

It said the Index plunged to an intraday low of 9,597 soon into market opening as profit taking intensified. Furthermore, defensive stocks especially within the Energy sector and Diversified Financials sector displayed a downturn in price. Tile sector took a muted stance following the buy rally in the previous session after LWL announced a dividend of Rs. 6.30. 

Although, ASPI displayed gradual recovery during the latter part of the session, it yet failed to recoup losses and closed for the day at 9,607, losing 97 points.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Ex-pack Corrugated Cartons and Hayleys. Mixed interest was observed in Lanka IOC, Royal Ceramics and Lanka Walltiles whilst retail interest was noted in Softlogic Capital, Dialog Axiata and Browns Investments.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings, Royal Ceramics and Lanka Walltiles) whilst the sector index lost 0.59%. The share price of John Keells Holdings decreased by 50 cents to Rs. 142. The share price of Royal Ceramics recorded a loss of 30 cents to Rs. 34. The share price of Lanka Walltiles declined by 50 cents to Rs. 58.80.

The Insurance sector was the second highest contributor to the market turnover whilst the sector index increased by 2.09%. Softlogic Capital and Lanka IOC were also included among the top turnover contributors. The share price of Softlogic Capital gained Rs. 1.10 (9.48%) to Rs. 12.70. The share price of Lanka IOC moved down by Rs. 3.75 to close at Rs. 195.25.