ASPI rebounds from sharp intraday drop to close flat amid heavy volatility

By Almas Equities Research

The Colombo Stock Exchange witnessed a highly volatile trading session, with the ASPI plunging 187 points during the first hour before staging a strong recovery by midday. Despite continued fluctuations throughout the afternoon, the index ultimately closed nearly flat, down just 1.71 points, as investors navigated sharp intraday swings. In contrast, the S&P SL20 declined 22.22 points, reflecting selling pressure on key blue-chip counters.

As of today, 201 companies have released their quarterly earnings, collectively reporting LKR 133.27 billion in net profits, with a 6.45% QoQ and 30.28% YoY improvement, continuing to support underlying investor confidence in the broader market.

The Banking sector dominated market turnover with LKR 1.42 billion (25% of total turnover). HNB.X led sectoral activity, generating LKR 227.7 million in trades, supported by strong institutional interest and sustained confidence in the counter.

The ASPI closed at 23,459.75 (-1.71 points, -0.01%), while the S&P SL20 ended at 6,435.93 (-22.22 points, -0.34%). Total market turnover stood at LKR 5.62 billion, with 218.78 million shares changing hands.

Crossings accounted for LKR 814 million (14% of turnover), with the largest crossing recorded in HHL.N, generating LKR 388 million with 11 million shares traded.

Market breadth remained negative, with 102 gainers and 125 decliners, indicating mild consolidation following the recent rally.

Top positive contributors included SFCL.N (+28.06 points), followed by CINS.N, DOCK.N, UML.N, and JKH.N. On the downside, MELS.N (-18.16 points) led the drag, with SAMP.N, DIMO.N, HAYL.N, and RICH.N also weighing on the index.

Among notable trades, RAL.N stood out with LKR 348 million in turnover and 41.8 million shares traded, driven by strong retail participation and short-term speculative interest, closing the session with a 6.58% price gain.