The Colombo stock market remained bearish with indices down by 1%, whilst it suffered a fresh blow as net foreign selling topped the Rs. 22 billion mark year-to-date.

The All Share Price Index (ASPI) was down 1.44% and the S&PSL20 was lower by 1.2%. Turnover amounted to Rs. 3 billion involving 195.4 million shares.

Net foreign rose to a new high of Rs. 801 million (on account of HNB) pushing the year-to-date foreign outflow to cross the Rs. 22 billion mark to Rs. 22.49 billion.

First Capital said the bourse swiped back to its bearish stance dragging down ASPI to a one-week low while displaying a huge downward cascading movement throughout the trading session. 

“The index continuously dropped since its starting point displaying some significant level of volatility during mid-day and closed at 7,111 losing 104 points,” First Capital added. 

It said the turnover was recorded strong at Rs. 3 billion, mainly led by the Banking sector closely followed by the Food, Beverage & Tobacco sector, with a joint contribution of 71%. 

Asia Securities said the indices witnessed a downtrend throughout the session on price declines in active counters such as LOLC, BIL and EXPO. 

It said turnover surpassed Rs. 3 billion for the first time in eight sessions mainly on retail and HNI activity. Banks, Food, Beverage & Tobacco, Materials and Capital Goods sectors led activity, collectively accounting for 89.3% of turnover, Asia added. 

It said net foreign buying topped in Sampath bank at Rs. 11.4 million and net foreign selling topped in HNB at Rs. 786.8 million. 

NDB Equities said the ASPI closed in red as a result of price losses in counters such as LOLC Holdings, Browns Investments and Brown & Company.

It said high net worth and institutional investor participation was noted in Expolanka Holdings and Teejay Lanka. Mixed interest was observed in Dipped Products, Royal Ceramics and Hatton National Bank, whilst retail interest was noted in Industrial Asphalts, Browns Investments and NDB Rights. Furthermore, foreigners closed as net sellers mainly due to foreign selling in Hatton National Bank.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank), whilst the sector index lost 0.21%. The share price of Hatton National Bank decreased by Rs. 1.50 (1.16%) closing at Rs. 128.25 whilst foreign holdings decreased by 6,134,698 shares.

Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments), whilst the sector index decreased by 1.54%. The share price of Browns Investments lost Rs. 0.40 (5.88%) to close at Rs. 6.40.

LOLC Holdings, Expolanka Holdings and Royal Ceramics were also included amongst the top turnover contributors. The share price of LOLC Holdings moved down by Rs. 17.25 (5.13%) to close at Rs. 319. The share price of Expolanka Holdings recorded a loss of Rs. 1.20 (2.64%) to close at Rs. 44.30. The share price of Royal Ceramics declined by Rs. 0.90 (2.64%) to close at Rs. 33.20.

Ishara takes Browns back to HNB