The Colombo stock market opened the new week on a negative note, witnessing declines in both indices by over 20 points, despite active investor participation leading to a healthy turnover. With turnovers reaching Rs. 2.1 billion and involving 134.5 million shares, heavyweights like JKH, HAYL, PABC, COMBN, VONE, and LIOC experienced price losses, contributing to the downward trend. Notably, COMBN ended as the biggest laggard on the ASPI with a decline of 13.6%. Despite the overall decline, JKH, BIL, and LOFC led the turnover, with foreigners recording a net inflow of Rs. 28.3 million, primarily driven by net foreign buying in COMB.N.
First Capital reported that the Colombo bourse initially saw a positive start but later faced a downturn, closing at 12,376 points, reflecting a decrease of 28 points (0.23%). Banking sector counters like COMB, DFCC, and SAMP experienced decreased activity, while SUN witnessed notable buying interest following equity investment by the International Finance Corporation. The Capital Goods sector constituted a significant portion of turnover, followed by Diversified Financials and Food, Beverage, and Tobacco sectors. Interest in Construction and Material sector counters continued to be buoyed by improving economic indicators, with crossing transactions contributing nearly 10% to turnover.
NDB Securities observed high net worth and institutional investor participation in certain stocks like John Keells Holdings, Diesel & Motor Engineering, and Sierra Cables, while mixed interest was noted in others like National Development Bank and Sunshine Holdings. Retail interest was observed in SMB Leasing nonvoting, LOLC Finance, and Browns Investments. Despite sector-specific fluctuations, both John Keells Holdings and Royal Ceramics contributed significantly to market turnover, with Royal Ceramics recording a gain of 50 cents to Rs. 35. Browns Investments also saw an uptick in share price, gaining 20 cents to Rs. 6.60, while LOLC Finance and National Development Bank also recorded positive movements in their share prices.