Colombo stock market ends week with 3.2% gain

Saturday, 7 June 2025 01:45 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday ended with losses taking a complete U-turn after two consecutive sharp gains, though ending the week on the up.

During the week, the benchmark ASPI gained 3.2% and the active S&P SL20 gained 3.9%, whilst recording an average daily turnover of Rs. 6.08 billion. Yesterday the S&P SL20 declined by 0.21% and the ASPI by 0.23% with turnover amounting to Rs. 4.22 billion involving over 189.23 million shares.

Foreign participation in the market activity yesterday remained at subdued levels with foreigners closing as net sellers, registering a net outflow of Rs. 56.2 million, signalling continued caution in the face of prevailing global uncertainties.

First Capital said the Colombo Stock Exchange closed in negative territory, ending a nearly two-week upward trend, as the ASPI dropped 40 points to settle at 17,394. Despite opening on a positive note and experiencing modest intraday fluctuations, the market witnessed a sharp downturn toward the end of the session. Key negative contributors to the index included banking sector counters such as SAMP and COMB, along with HAYL, CARG, and BIL.

The session reflected a profit-taking sentiment, with heightened retail selling pressure, while participation from HNW investors remained relatively muted. Notably, selective interest was observed in MGT. Market turnover amounted to Rs. 4.2 billion, marking a 7% decline against the monthly average of Rs. 4.6 billion. The Capital Goods sector led turnover, accounting for 18% of total activity, followed by the Materials and Diversified Financial sectors, which collectively contributed 29%.

NDB Securities said the high net worth and institutional investor participation was noted in Hayleys Fabric, Pan Asia Banking Corporation, and Chevron Lubricants. Mixed interest was observed in Lanka Milk Foods, John Keells Holdings and People’s Leasing & Finance whilst retail interest was noted in LVL Energy Fund, Lanka Credit and Business Finance and Browns Investments.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.17%. The share price of John Keells Holdings moved up by 10 cents to close at Rs. 21.90.

Materials sector was the second highest contributor to the market turnover whilst the sector index edged down by 0.04%.

Hayleys Fabric, Pan Asia Banking Corporation, Lanka Milk Foods and People’s Leasing & Finance were also included amongst the top turnover contributors. The share price of Hayleys Fabric increased by Rs. 2.60 to close at Rs. 43.90. The share price of Pan Asia Banking Corporation gained 40 cents to close at Rs. 42.70. The share price of Lanka Milk Foods recorded a gain of Rs. 1.70 to close at Rs. 54.00. The share price of People’s Leasing & Finance closed flat at Rs. 18.80.

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