ASPI drops below 22,000

• CSE movement marked by high intraday volatility, lower turnover last week
• Low turnover expected to continue until year-end  
• Colombo bourse unsurprisingly trending downwards

The benchmark All Share Price Index (ASPI) fell below 22,000 points in the preceding weeks, amid low turnover and ongoing concerns regarding the economic fallout from Cyclone Ditwah.

The movement in the Colombo Stock Exchange (CSE) during the preceding week was marked by high intraday volatility and comparatively low turnover. 

According to market sources, low turnover is expected to continue until the end of the year as market participants scale down operations ahead of the festive season.

As a result, the Colombo bourse has been unsurprisingly trending downwards, with a noticeable lack of buyers.

The ASPI has been on a downward trend since reaching its all-time high of 23,659.70 basis points on 13 November, during which the market has declined by over 1,300 basis points to around 21,900 basis points. 

Prior to the current downtrend, the ASPI experienced a historic bull run, surpassing key milestones of 20,000, 21,000, 22,000, 23,000, and 23,500 basis points for the first time in its history.

Major developments in the equity market during the week include Vidullanka PLC’s announcement that it has emerged as the lowest-cost bidder for the EPC contract related to the expansion and upgrading of a 100 kW mini-hydro power facility in Buca Village, Fiji.

Furthermore, Eden Hotel Lanka PLC and Palm Garden Hotels PLC announced that their subsidiary, Browns Ari Resort Ltd., had completed the sale of the assets and business of the Barceló Whale Lagoon Maldives Resort to ASB Hotel Properties Maldives Ltd. for a total consideration of $ 57,500,000.

In addition, Abans PLC announced that it would be paying an interim dividend of Rs. 0.10 per share for the financial year 2025/2026.

Source: The morning