ECONOMYNEXT – Sri Lanka stocks closed 1.3 percent weaker on Tuesday for the second straight session, brokers said.
“Market’s down mainly because investors are waiting for the budget, people are looking for direction,” Ranjan Ranatunga, Assistant Vice President – Research at First Capital told EconomyNext.
“There is dull momentum, slow turnover levels.”
The ASPI closed down 1.33 percent, or 220.97 points, at 16,345.30; while the more liquid S&P SL20 Index closed down 1.35 percent, or 66.99 points, at 4,892.46.
“That’s why the turnover remained low at 2 billion rupees, compared to the monthly average of around 5 billion rupees,” Ranatunga said.
Turnover was 2.3 billion rupees, while the share volume rose 24 percent to 97,423,601.
Buying interest during early morning trade drove the indices up, but this was short lived followed by a steep drop with the indices weighed down by banks.
NDB closed down 1.9 percent to 117.00, Seylan Bank fell 3.4 percent 77.00 and Pan Asia Bank closed 3.5 percent weaker at 36.20.
Top negative contributors to the ASPI were HNB (ended 1.6 percent weaker at 329.50), Sampath Bank (fell 1.6 to 117.00), DFCC Bank (down 3.5 percent at 119.00), Melstacorp (closed down 1.9 percent at 127.00) and Commercial Bank (fell 1.4 percent at 144.25).
“There was investor interest in selective stocks.”
Most of the turnover came from the banks (688 million rupees), capital goods (319 million rupees) and food, beverage and tobacco (293 million rupees) sectors during the session.
Nations Trust Bank ended 0.4 percent stronger at 188.00, Colombo Dockyard rose 1.6 to 72.10 and Ceylon Tobacco company was up 1.4 percent at 1,442.50.
Most active volumes were seen in Browns Investments at 14,191,276 (turnover 117,912,745.60 rupees), Nation Lanka Finance at 10,301,383 (turnover 2,089,658.40 rupees), Dialog Axiata at 5,314,381 (turnover 70,193,713.30 rupees) and Industrial Asphalts at 4,716,981 (turnover 2,019,193.60 rupees).
Continuing the downward trend, a net foreign outflow of 64 million rupees for the day was recorded. (Colombo/Feb11/2025)
Continue Reading
