ECONOMYNEXT – The Colombo Stock Exchange closed down 1.2 percent on Monday due to some selling, data on its site showed.
“Market was down significantly,” Dimantha Mathew, Chief Research and Strategy Officer at First Capital Holdings PLC, told EconomyNext.
High volatility was seen in the market with investor interest flowing in and out.
“Selling pressure continues in the market.”
The broader ASPI closed down 1.20 percent, or 202.38 points, at 16,686.93; while the more liquid S&P SL20 Index closed down 1.20 percent, or 60.84 points, at 5,002.43.
“Turnover levels are declining with the overall market going down,” Mathew said.
The share volume fell 45 percent to 73,175,302 amidst further falls in turnover levels to 2.1 billion rupees in the session.
“Market is a bit volatile these days, with that there’s a bit of a downturn in the market,” Mathew said.
Banking sector stocks dragged the indices despite good quarterly results and dividends issuance.
“Banking sector counters see more selling pressure.”
Sampath Bank closed 0.4 percent weaker at 121.75 rupees, Nations Trust Bank closed down 0.5 percent at 207.00 rupees and Seylan Bank fell 2.8 percent at 75.00 rupees.
HNB had reported a 363 percent gain in profits in the December quarter.
Read more
Sri Lanka’s HNB net up 363-pct in Dec quarter on ISB loss reversal, net interest
Most active volumes were seen in Browns Investments at 14,183,805 (turnover 114,889,386.10 rupees), LOLC Finance at 4,712,049 (turnover 28,746,496.30 rupees), John Keells at 4,348,410 (turnover 96,937,460.10 rupees) and Hela Apparel at 4,566,861 (turnover 17,364,952.90) rupees).
Access Engineering announced its subsidiary had signed a power purchase agreement with Ceylon Electricity Board.
Read more
Acess Engineering subsidiary signs PPA with Sri Lanka power utility
“Blue chip companies have also come down in value,” Mathew said.
Top negative contributors to the ASPI were HNB (ended 1.8 percent weaker at 327.50), NDB (fell 2.87 at 118.25), Commercial Bank (down 1.3 percent at 150.00), Central Finance Company (closed down 3.2 percent at 209.75) and DFCC Bank (fell 2.2 percent at 120.50). (Colombo/Feb24/2025)
Continue Reading
