CSE ends week with losses despite Friday gain

The Colombo stock market staged a recovery yesterday but that wasn’t enough to close the week on a negative note.

The benchmark ASPI gained yesterday by 0.5% and the active S&P SL20 by 0.1%.

During the week the ASPI and the S&P SL20 lost 1.6% and 2.5% respectively.

Turnover yesterday was Rs. 1.2 billion involving 82.8 million shares. For the week the turnover averaged Rs. 2.2 billion.

Asia Securities said the indices regained ground after four sessions of downward movement on Friday mainly supported by price gains in JKH (+1.1%), HAYL (+1.3%), HAYC (+2.8%), DIPD (+10.2%), and LIOC (+1.1%). The ASPI touched a low of 12,238 (-21 points), however rebounded and crossed the 12,300 mark to close at 12,320 (+60 points).

HHL (-1.6%) and COMBN (-1.5%) closed in red during the session. CTHR (+11 points), DIPD (+7 points), and JKH (+7 points) came in as the major index drivers of the ASPI.

Market activity was moderate with turnover led by JINS (Rs. 120 million), DIPD (Rs. 116 million), and HAYC (Rs. 78 million).

Asia also said foreigners recorded a net outflow of Rs. 8.0 million. Net foreign buying topped in JKH at Rs. 15.1 million and selling topped in DFCC at Rs. 19.8 million.

First Capital said the bourse experienced mixed sentiment where it showed a short-lived downturn in the initial trading hours reaching its intraday low at 12,237. However, after showing signs of recovery post midday, the market concluded the week at green, gaining 60 points (c. 0.49%) at 12,320 with active participation from the retail investors. Mainly, CTHR, JKH, DIPD, LION and CFIN led the index as they contributed to the index positively. However, due to the upcoming XD dates scheduled for next week, considerable interest in JINS was also observed while contributing to the turnover at 10%.

Materials sector led turnover at 20%, followed by the Banking and Insurance sectors jointly contributing to 32% of overall turnover.

NDB Securities said high net worth and institutional investor participation was noted in Amana Bank, Hayleys Fabric and DFCC Bank. Mixed interest was observed in Janashakthi Insurance, Dipped Products and Haycarb whilst retail interest was noted in Co-Operative Insurance Company, Browns Investments and Blue Diamonds Jewellery Worldwide.

The Materials sector was the top contributor to the market turnover (due to Dipped Products and Haycarb) whilst the sector index gained 1.83%. The share price of Dipped Products gained Rs. 3.10 to Rs. 33.50. The share price of Haycarb moved up by Rs. 2.10 to Rs. 78.10.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank) whilst the sector index decreased by 0.22%. The share price of Hatton National Bank closed flat at Rs. 195.

Janashakthi Insurance Company and Lanka IOC were also included amongst the top turnover contributors. The share price of Janashakthi Insurance Company decreased by 30 cents to Rs. 53. The share price of Lanka IOC appreciated by Rs. 1.50 to Rs. 132.50.