(Island) Blue chip share price fluctuations negatively impact market

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE) performance during the week showed a downward trend owing to the JKH share value dropping by one percent, which  negatively impacted the entire market. However, there was a bit of a turnaround on Thursday but it was short lived due  JKH and Dialog share price fluctuations, stock market sources aid.

JKH, the largest listed company at the CSE, saw its share price drop by one percent and its price per share settled at Rs. 153.90 in the course of yesterday. Further, Dialog stocks also traded negatively in the morning but its share price became stable at Rs. 13 in the latter part of the day. These developments had a direct influence on the entire market, stock market analysts said. Amid those developments, both indices showed mixed reaction; ie, the All Share Price Index went down by 7.74 points and S and P SL20 index went up slightly by 0.54 points. Day’s turnover stood at Rs. 825.73 million with three crossings. Those crossings were; NTB 3.3 million shares crossed at Rs. 263.9 million at a per share value of Rs. 80, Chevron Lubricants’  1.5 million shares crossed at Rs. 165.33 million at a per share value of Rs. 110 and CTC 77000 shares crossed for Rs. 73.9 million and the per share value was Rs. 960..

In the retail market, companies that mainly contributed to the day’s turnover were: Hemas Holdings Rs. 122.7 million (944.000 shares), Chevron Lubricants   Rs. 48.5 million (439,000 shares) and Sampath Bank Rs. 30 million (90,000 shares traded). During the day 12.22 million share volumes traded in 2290 transactions.

“We see a typical year-end market. Foreign investor interest continues but local investors are a bit silent due to uncertain market conditions , market analysts said.

Worries over a delay in local council polls and a lack of clarity over the budget and two other key policy measures weighed on sentiment, analysts said.

Meanwhile, JKSB reported ASPI: 6,375.21 (-7.74 pts; -0.12%); Val T/O: Rs. 821mn (US$5.36mn); Vol T/O: 12.2mn; Trades: 2,290

Advance/decline ratio: 64/85; Top gainer: PMB.N (+18.70%) ; Top loser: GOOD.N (-23.87%)

 

Highlights:

*The ASPI ended lower amid moderate market turnover. NTB, LLUB, and HHL led activity levels with a crossing also seen in CTC. Trading in NTB accounted for 32% of total turnover.

*Banks, Finance, & Insurance was the most actively traded sector (+0.04%)

*Chemicals & Pharmaceuticals was the best performing sector (+1.28%), supported by gains on CIC (+3.16%)

*Footwear & Textiles was the worst performing sector (-3.65%), dragged down by declines on MGT (-1.41%)

 

Source: The Island

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