The Colombo stock market yesterday opened the week in red, extending losses into a sixth consecutive session. The ASPI was down 0.23% or 44.35 points at 19,640.56 and the active S and P SL20 fell 0.21% or 11.76 points to 5,601.87.
Market turnover was nearly Rs. 666.3 million on 29.7 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 6.6 million. With 123 counters ending in red against 80 gainers, the top contributors to the ASPI decline were CARS, COMB, LAMB, DIST and HAYL.
First Capital Research said the bourse opened on a positive note but failed to sustain its early momentum, with continued fluctuations throughout the first half of the session before ultimately closing in negative territory.
HNW participation remained subdued, while retail participation was relatively higher, driven by margin selling. The banking sector led the daily turnover with a share of 28%, followed by the capital goods, and diversified financials sectors collectively contributing 35%.
NDB Securities said high net worth and institutional investor participation was noted in Access Engineering, Commercial Bank and John Keells Holdings. Mixed interest was observed in Sampath Bank, Panasian Power and Hayleys whilst retail interest was noted in Waskaduwa Beach Resort, Muller and Phipps and SMB Leasing. Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.
The banking sector was the top contributor to the market turnover due to Commercial Bank and Sampath Bank whilst the sector index edged up by 0.09%. The share price of Commercial Bank decreased by 75 cents to close at Rs. 195.25 and Sampath Bank ended flat at Rs. 138.50.
The capital goods sector was the second highest contributor to the market turnover due to Access Engineering and John Keells Holdings whilst the sector index edged up by 0.11%. Access Engineering ended down 20 cents to Rs. 74.50 and John Keells Holdings gained 10 cents to Rs. 17.70.
Panasian Power was also included amongst the top turnover contributors. The share price of Panasian Power fell 10 cents to close at Rs. 10.