CSE loses 1,009 points during week, Rs. 348 b value wiped out

The Colombo stock market plunged for the second straight session yesterday to close the week in red on concerns about the economic impact of the Mideast crisis.

During the week the CSE lost Rs. 348.6 billion in value as the ASPI fell 4.45% or 1,009.36 points and the S&P SL20 was down 4.34% or 276.10 points. Both indices were in decline throughout the week except for a brief recovery on Wednesday.

Yesterday, the ASPI ended down 1.34% or 295.57 points at 21,692.55 and the active S&P SL20 was down 1.42% or 87.63% at 6,084.65. Market turnover was nearly Rs. 5.27 billion on over 149 million shares traded. Foriegn investors were net sellers on a net outflow of Rs. 38.3 million.

First Capital Research said, rising geopolitical tensions in the Middle East and the surge in oil prices above $ 100 per barrel marked a weekly decline in global equity markets. Mirroring the cautious stance driven by the war escalations, ASPI continued to decline.

Market breadth was negative with 198 counters declining during the session, while banking sector shares saw price declines during the day with COMB, HNB, HAYL, HNB.X and NTB the leading negative contributors. 

Reversing high investor interest in retail trading stocks seen previously, HNW investor participation coerced yesterday’s turnover, led by MELS, ACL and AEL in crossings transactions. The capital goods sector led the daily turnover with a share of 43%, followed by the banks, and food beverage and tobacco sectors collectively contributing 28%. 

source: FT