• Net foreign outflow crosses Rs. 52 b mark

The Colombo stock market remained depressed for the second consecutive day despite the festive cheer as investor sentiment appeared lacklustre except.  The All Share Price Index declined by over 100 points or 0.8% and the S&P SL20 saw a marginal dip of 3 points. Turnover was Rs. 5.67 billion involving 317 million shares.   Net foreign selling has been on the rise this week with yesterday’s figure being Rs. 637 million on top of Rs. 459 million on Monday. 

Year to date net foreign outflow also crossed the Rs. 52 billion mark. 

Yesterday net foreign selling topped in Melstacorp (Rs. 550 million) whilst buying topped in COMB.N at Rs. 38 million. 

Asia Securities said the ASPI trended downwards throughout the session due to sharp price declines in SFCL while the more liquid S&P SL 20 index also swung between gains and losses weighed by EXPO, CLC and LOFC. 

Activity remained at healthy levels with turnover boosted by COMB (Rs. 627 million), MELS (Rs. 563 million), PLR (Rs. 388 million) and EXPO (Rs. 375 million). SFLC, which extended unwarranted gains over the last few weeks, plummeted by 25% and contributed 46 negative points to the ASPI. 

On the sectoral front, Diversified Financials, Food, Beverage and Tobacco, Banks and Capital Goods sectors drove activity, collectively accounting for 68.8% of turnover. Overall, 95 stocks recorded price gains while 107 closed lower, Asia added. 

First Capital said the bourse retained in the red zone for the second consecutive day with low retail participation since 37.3% of the total turnover is contributed by crossings. 

“Index spiked to an intraday high of 12,042 within the first few minutes. Afterwards, following a dull sentiment in the market as the holiday season is approaching, index dropped down significantly while displaying sizable volatility throughout the session and closed the day at 11,908,” First Capital added. 

It also said retail favoured counters such as SFCL, EXPO, and CLC contributed largely to the ASPI dip. Turnover was led by a joint contribution of 40% from the Diversified Financials sector and Food, Beverage and Tobacco sector. 

NDB Securities said high net worth and institutional investor participation was noted in Citizens Development Business Finance, Melstacorp and Commercial Bank. Mixed interest was observed in Lanka IOC, Expolanka Holdings and Renuka Holdings whilst retail interest was noted in SMB Leasing voting and non-voting. 

Diversified Financials sector was the top contributor to the market turnover whilst the sector index lost 2.08%. The share price of Citizens Development Business Finance closed flat at Rs. 170.00. Food, Beverage and Tobacco sector was the second highest contributor to the market turnover whilst the sector index increased by 0.63%. 

The share price of Melstacorp lost 20 cents (0.35%) to close at Rs. 56.20. Commercial Bank, Prime Lands Residencies and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Commercial Bank increased by Rs. 1.10 (1.42%) to close at Rs. 78.60. The share price of Prime Lands Residencies recorded a gain of Rs. 1.10 (10.09%) to close at Rs. 12. The share price of Expolanka Holdings declined by Rs. 4.25 (1.13%) to close at Rs. 373.25. 

Separately Hayleys Fabric announced an interim dividend of 40 cents per share.

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