ASPI extends losses for a second session as broad-based selling persists, even as a single LKR 2.3 billion crossing in Cargills pushes daily turnover to its highest level in over a month
The Colombo Stock Exchange recorded its highest daily turnover in more than a month on Tuesday, though the headline figure masked a broader decline in market breadth as selling pressure persisted across most counters for a second consecutive session.
The All Share Price Index fell 62.37 points, or 0.29%, to close at 21,145.73, extending losses from the prior session. The more liquid S&P SL20 Index was little changed, edging up 1.79 points to 5,945.01. Trading volume actually fell 42.1% from the previous day to 38.53 million shares, even as turnover value rose.
Daily turnover reached LKR 3.28 billion, a 107.4% increase over the monthly average of LKR 1.6 billion and the first time turnover has crossed the LKR 3 billion mark in over a month. However, the increase was driven almost entirely by a single transaction: a LKR 2.3 billion crossing in Cargills (CARG), which alone accounted for 69.1% of total market turnover. Stripped of this one trade, underlying trading activity was consistent with the subdued participation seen from both retail and high-net-worth investors through the session.
The concentration was also evident at the sector level. Food & Staples Retailing led daily turnover with a 71% share — almost entirely a function of the Cargills crossing — while the Food, Beverage & Tobacco and Banking sectors together contributed a further 15%.
Losses on the index were broad-based, with CINS, COMB, RICH, CARS and HARI ranking as the top five negative contributors to the ASPI’s decline. Among individual counters, HARI led losers with an 11% decline, followed by MDL, MBSL, CTBL and HAPU, all down between 6% and 8%. On the gainers’ side, NTB.X rose 14%, with ASHO, ONAL, KHC and LITE also among the day’s top performers.
Foreign investors were net buyers on the day, posting an inflow of LKR 79.8 million, driven largely by buying interest in CARG, NTB and SPEN. This single-day inflow, however, stands in contrast to the broader trend: foreign investors remain net sellers on a month-to-date and year-to-date basis.
Market watchers noted that trading sentiment through the session remained subdued, with participants citing uncertainty tied to the ongoing US-Iran conflict as a factor weighing on risk appetite.
Key Numbers
| Indicator | Value | Change |
|---|---|---|
| ASPI | 21,145.73 | -62.37 pts (-0.29%) |
| S&P SL20 | 5,945.01 | +1.79 pts (+0.03%) |
| Turnover | LKR 3.28 Bn | +107.4% vs monthly avg |
| Volume | 38.53 Mn shares | -42.1% |
| Cargills (CARG) Crossing | LKR 2.3 Bn | 69.1% of turnover |
| Top Sector (Turnover) | Food & Staples Retailing | 71% share |
| Foreign Flow (Daily) | +LKR 79.8 Mn | Net buying |
| Top Gainer | NTB.X | +14% |
| Top Loser | HARI | -11% |
Business Impact
The scale of Tuesday’s turnover figure warrants caution in interpretation: a single institutional crossing, rather than a genuine pickup in market-wide participation, was responsible for the bulk of the increase. Trading volume actually declined, and the index itself extended its losing streak, suggesting underlying investor sentiment remains cautious. For businesses and investors tracking market liquidity as a signal of broader economic confidence, this session is better read as a one-off large trade than as evidence of renewed buying interest. The positive daily foreign flow figure should also be weighed against the much larger negative foreign flow trend seen so far this year.
Source Attribution
Source: Colombo Stock Exchange market data and publicly available market information.