The Colombo stock market ended marginally up yesterday on rising concerns over escalating tensions in the Middle East.
Despite 129 counters closing in red against 76 in green, the ASPI ended up 0.03% or 7.33 points at 21,325.64 and the active S and P SL20 closed marginally lower, down 0.05% or 2.95 points at 5,983.50.
Market turnover was over Rs. 1.2 billion on more than 50.9 million shares traded. Foreigners were net sellers on a net outflow of Rs. 7.2 million.
The positive contributors to the ASPI were CINS, HAYC, DIPD, NDB and AEL with negative contributions from JKH, BIL, BREW, CARS and DFCC.
First Capital Research said the bourse saw a quiet and subdued trading session, with the market moving sideways. Rising geopolitical tensions and higher global oil prices weighed on investor sentiment.
Retail investors denoted a modest participation, however primarily contributed to the turnover, while HNW participation stood at a low level. Weak market breadth was evidenced as the negative contributors outpaced the positive contributors, despite the minor uptick in ASPI.
Activity in the banking sector dominated turnover, contributing 20% of the total, followed by the materials, and food, beverage and tobacco sectors, which together accounted for 34%.
NDB Securities said high net worth and institutional investor participation was noted in Sampath Bank, Hatton National Bank and Hayleys. Mixed interest was observed in Commercial Credit and Finance, Haycarb and Sierra Cables whilst retail interest was noted in Browns Investments, Industrial Asphalts and Asia Siyaka Commodities.
The banking sector was the top contributor to the market turnover due to Sampath Bank and Hatton National Bank whilst the sector index edged down by 0.02%. The share price of Sampath Bank closed flat at Rs. 138.50 and Hatton National Bank also ended unchanged at Rs. 380.
The materials sector was the second highest contributor to the market turnover whilst the sector index increased by 0.87%.
Browns Investments, Asia Siyaka Commodities and Commercial Credit and Finance were also included amongst the top turnover contributors. Browns Investments moved down 40 cents to Rs. 5.30, Asia Siyaka Commodities ended up 70 cents at Rs. 15.90, and Commercial Credit and Finance fell Rs. 4.75 to close at Rs. 102.50.