CSE sees net foreign inflow but begins week bearish

• Foreign buying on 3% Sanasa Development Bank stake of Dr. Senthilverl for Rs. 179 m

The Colombo stock market began a fresh week on a negative note though trading improved including net foreign inflow. 

The benchmark ASPI declined by 0.24% and the active S&P SL20 by 0.2%. Turnover was Rs. 1.29 billion involving 54.3 million shares. Foreigners recorded a net inflow of Rs. 132.7 million with net foreign buying most in Sanasa Development Bank (SDB) amounting to Rs. 176 million.

High networth but low profile investor Dr. T. Senthilverl sold his personal stake of 3% or 4.9 million shares at Rs. 36.50 each. Separately Senthilverl Holdings Ltd., holds 12% stake in SDB. JKH saw the most of net foreign selling amounting to Rs. 51.6 million.

The SDB deal was among crossings which accounted for 29.7% of turnover. Others were NTBN (Rs. 103.4 million), SAMPN (Rs. 53.9 million and AGPL (Rs. 49 million).

Asia Securities said the indices moved downwards weighed by SDB (-1.3%), LMF (-1.8%), LOLC (-1.7%), BIL (-1.1%), CFVF (-1.2%), and LOFC (-3.6%). However, CALT (+1.5%), SAMP (+0.8%) and ACL (+0.6%) recorded price gains during the session. SAMP (+4 points), HNB (+3 points), and LHCL (+3 points) came in as the major index movers for the day while LOLC (-5 points) and DIAL (-3 points) ended as the biggest laggards.

First Capital said the bourse began the day with a modest bullish stride, but post-midday, it took a tumble to the red zone at 11,235, shedding 27 points, as investors held back eyeing tomorrow’s monetary policy review. 

Blue-chip giants including LOLC, DIAL, RICH, and HAYL led the downward march, whilst profit-taking hit the counters in the Food, Beverage and Tobacco sector which includes DIST and LMF. On the flip side, banking counters including SAMP, HNB, and SEYB positively contributed to the index, whilst SAMP, NTB, and SDB dominated the crossing transactions, which accounted for 25.9% of the overall market turnover. 

NDB Securities said high net worth and institutional investor participation was noted in Sanasa Development Bank, Nations Trust Bank and John Keells Holdings. Mixed interest was observed in ACL Cables, Vallibel One and Sampath Bank whilst retail interest was noted in Tess Agro, Industrial Asphalts and Browns Investments. 

The Banking sector was the top contributor to the market turnover (due to Sanasa Development Bank and Nations Trust Bank) whilst the sector index gained 0.20%. The share price of Sanasa Development Bank decreased by 40 cents to Rs. 30.60. The share price of Nations Trust Bank closed flat at Rs. 104.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings and ACL Cables) whilst the sector index edged down by 0.11%. The share price of John Keells Holdings recorded a gain of 50 cents to Rs. 190.50. The share price of ACL Cables appreciated by 50 cents to Rs. 83.90.

Agarapatana Plantations was also included amongst the top turnover contributors. The share price of Agarapatana Plantations moved up by 20 cents to Rs. 7.50.