Colombo Bourse falls as uncertainty mounts

The Colombo bourse extended the bearish momentum for the second consecutive day with the All Share Price Index (ASPI) closing at 12,359 losing 140 points.

“This decline was particularly influenced by the selling pressure observed on the Banking sector counters like COMB and HNB, as well as index heavyweights such as JKH and LOLC,” First Capital Research said.

Furthermore, there was notable buying interest in CTC and Chevron Lubricants, driven by the recently disclosed earnings reports indicating a substantial upsurge in both revenue and earnings. 

Meanwhile, the turnover witnessed a significant increase during the day, totaling Rs.3.3Bn making a 32.7% increase from the monthly average of Rs.2.5Bn. This uptick was attributed to active participation from both retail investors and High net worth investors.

The Capital Goods sector led turnover at 39%, followed by the Banking and Food, Beverage, and Tobacco sectors jointly contributing to 31% of overall turnover. Additionally, interest in the Construction sector was also observed. Foreign investors remained net sellers, recording a net outflow of Rs.587.8Mn.