Foreign investor selling pressure drops



By Hiran H.Senewiratne


The Colombo Stock Exchange (CSE) saw a slight improvement due to a drop in foreign investor selling pressure of shares and quarterly results of companies about to be released. Therefore, both indices moved up, ie, the All Share Price Index by 15.28 points and S and P SL20 by 19.37 points.


The day's turnover stood at Rs. 461.6 million, with one crossing or arranged transactions. That crossing came from HNB, which crossed 898,000 shares for Rs. 197.5 million, per share value Rs. 220.


In the retail market, companies that mainly contributed to the day's turnover were Sampath Bank Rs. 80.2 million (272,000 shares traded), JKH Rs. 21.9 million (154,000 shares traded) and Access Engineering Rs. 16.6 million (1.04 million shares traded). During the say 13.9 million share volumes changed hands in 2068 transactions.


The fuel price adjustment also lent some impetus to the market as Ceylon Petroleum Corporation (CPC) said it would minimizes the losses incurred to the institution, which in turn could reduce the economic burden of the country.


"All this is due to the political uncertainty and no catalysts to move the market," market analysts said.


"However, the good news is that lower turnover levels mean the sellers are not desperate to sell and the market is likely to recover soon, observers said.


Lower economic growth outlook has also hit sentiment after the central bank cut its estimate, analysts said.


JKSB resport:


ASPI: 6,092.65 (+15.28 pts;+0.25%); Val T/O: Rs. 462mn (US$2.91mn); Vol T/O: 13.9mn; Trades: 3,068


Advance/decline ratio: 118/63; Top gainer: BLUE.X (+50.00%) ; Top loser: TESS.N (-14.29%)


Highlights:


• The ASPI ended higher amid subdued turnover levels. HNB, SAMP, and JKH led market turnover including crossings with trading in HNB amounting to 46% of total turnover.


• Banks, Finance, & Insurance was the most actively traded sector (+0.79%)


• Footwear & Textiles was the best performing sector (+3.58%), supported by gains on ODEL (+4.35%)


• Beverage, Food & Tobacco was the worst performing sector (-0.45%), dragged down by declines on DIST (-1.44%)


 
 
 
 
 
 
 
 
 
 
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