The Colombo stock market began a new week on a negative note with both indices down amidst below average turnover whilst net foreign outflow crossed the Rs. 10 billion mark year-to-date.
Softlogic Stockbrokers said the All Share Price Index (ASPI) decreased by 162.1 points to close at 8,113.3 (-2.0%) whilst the more liquid S&P SL20 Index also declined by 76.6 points to close at 3,227.7 (-2.3%).
It said total turnover stood at Rs. 4,799 million versus YTD average of Rs. 10,115 million. The volume traded for the day was 142,751 as against the YTD average of 597,941.
Top traded counters for the day were Haycarb Rs. 608 million (with share price up 25.3% to Rs. 1,590), Expolanka Holdings Rs. 443 million (share price down 1.5%), Dipped Products Rs. 420 million (share price up 3.8% to Rs. 733.75), LOLC Holdings Rs. 298.7 million (share price down 6.3%) and Sampath Bank Rs. 297 million (share price down 3.9%).
LOLC was the biggest contributor (32 points) to the dip in ASPI followed by Vallibel One, LOLC Finance, Commercial Leasing and Royal Ceramics.
First Capital said the Bourse witnessed a “Waterfall decline” reverting the direction to negative after two consecutive days of uptrend.
“Index spiked within the first few minutes of trading, thereafter experienced a gradual downtrend for the rest of the session and closed at 8,113 losing 162 points,” it added.
Materials sector took over the lead in the turnover closely followed by Capital Goods sector making a joint contribution of 51%.
NDB Securities said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Vallibel One and Lanka Orix Finance.
It said high net worth and institutional investor participation was remained subdued for the day. Mixed interest was observed in Dipped Products, Vallibel One and Royal Ceramics, whilst retail interest was noted in Haycarb, Sampath Bank and Expolanka Holdings.
Materials sector was the top contributor to the market turnover (due to Haycarb and Dipped Products), whilst the sector index gained 4.41%. The share price of Haycarb increased by Rs. 321.50 (25.34%) to close at Rs. 1,590.25. The share price of Dipped Products moved up by Rs. 27.00 (3.82%) to close at Rs. 733.75.
Capital Goods sector was the second highest contributor to the market turnover, whilst the sector index decreased by 2.40%.
Expolanka Holdings, LOLC Holdings and Sampath Bank were also included amongst the top turnover contributors. The share price of Expolanka Holdings lost Rs. 0.80 (1.47%) to close at Rs. 53.50. The share price of LOLC Holdings recorded a loss of Rs. 29.50 (6.28%) to close at Rs. 440.25. The share price of Sampath Bank declined by Rs. 7.00 (3.97%) closing at Rs. 169.25 whilst foreign holdings decreased by 447,868 shares.
Net foreign selling was Rs. 304.6 million, lower than Friday's figure of Rs. 634.5 million whilst year to date outflow crossed the Rs. 10 billion mark to stand at Rs. 10.29 billion.
Separately Printcare announced an interim dividend of Rs 1.00 per share.
In corporate earnings announcements, Swisstek (Ceylon) (PARQ) reported a 3Q21 net profit of Rs.165mn (vs 3Q20 net profit of Rs.63mn), resulting in a 1-3Q21 net profit of Rs.287mn (vs. 1-3Q20 net profit of Rs.133mn).
Central Industries (CIND) reported a 3Q21 net profit of Rs.121mn (vs. a 3Q20 net profit of Rs.48mn), resulting in a 1-3Q21 net profit of Rs.282mn (+74% YoY)