Turnover at CSE slumps to abysmal Rs. 252 m

The Colombo stock market yesterday managed to sustain a gain from its three-month low but turnover slumped to an abysmal low of Rs. 252 million.

Volume of shares traded was 12.68 million. That and low turnover could be linked to shortened trading till noon due to a market holiday.

The active S&P SL20 gained by 1% and the benchmark ASPI by 0.3%.

Asia Securities said the market ended the week on a positive note as the indices remained in positive territory on Thursday (04) on the back of price gains in BIL (+1.9%), SEYB (+1.4%), SAMP (+1.3%), COMBN (+2.6%), SCAP (+1.2%), and VONE (+1.2%).

Overall, 73 stocks recorded price gains during the session while 52 ended with losses.

Turnover was supported by MELS (Rs. 30 million), LIOC (Rs. 22 million), and EXPO (Rs. 21 million) due to low levels of retail and HNI activity.

Foreigners recorded a net inflow of Rs. 25.7 million. Net foreign buying topped in MELS.N at Rs. 24.9 million and selling topped in AHUN.N at Rs. 2.7 million.

On a weekly basis, the ASPI lost 152.85 points (-1.70%) while the S&P SL20 lost 59.12 points (-2.26%) during the week.

First Capital said the bourse closed in green for the second straight day amidst a shortened trading session after the continuous losses witnessed throughout the previous weeks.

As the market opened, the index climbed higher gradually as investor interest spanned on selected index-heavyweights JKH and VONE which were among top positive contributors to the ASPI. Recovery in the banking sector continued as perceptible interest was observed on COMB and SAMP. However, LIOC share price declined during the day possibly owing to the fuel price reduction. Index slightly dived low towards the end of the market yet managed to recoup previous losses and recorded at 8,830 with a gain of 30 points.

Market turnover remained weak and registered at a record low of Rs. 252.4 million (as against monthly daily average turnover of Rs. 945.7 million) mainly due to the shortened-trading session while Food, Beverage & Tobacco sector (23%) and Banking sector (14%) dominated overall turnover.