April 24, 2024

CSE records highest market turnover in nine months

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The Colombo Stock Exchange (CSE) yesterday recorded its highest market turnover in nine months crossing Rs 5 billion mark mainly driven on the back of material and transportation counters, while the index turned negative ending four-day positive streak amidst growing concerns over a second COVID-19 wave in the country.

“Turnover recorded a 9-month high on the back of Material counters, closely followed by Transportation counters, making a joint contribution of 41 percent, “First Capital Research said in its daily market report yesterday.

The market turnover reached Rs 5.04 billion with Expolanka Holdings PLC contributing to Rs.864.21 million of it followed by R I L Property PLC (Rs.372.88 million) and Piramal Glass Ceylon PLC (Rs.341.12 million).

However, the market tuned   negative after recording an uptick for four consecutive days.

The All Share Price Index (ASPI)declined by 0.65 percent to end at 5,802.97 and the more liquid, S&P SL20 dropped by 1.32 percent to end at 2,303.81.

“Dip in Big-caps overruled the gains in Mid-caps, reverting the direction of the market to negative after recording an uptick for four consecutive days.” First Capital noted.

Carson Cumberbatch PLC, John Keells Holdings, Ceylon Cold Stores, HNB and Sri Lanka Telecom were highest contributors to the fall while shares of mid-sized companies such as Dipped Products, Piramal Glass and Expolanka emerged as the top positive contributors to ASPI.

Meanwhile, foreign investors continued to be net-sellers with a low participation.

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