CSE pulls back after three weeks of bullish momentum

By Almas Equities Research

After three consecutive weeks of bullish performance, the Colombo Stock Exchange (CSE) witnessed a pullback, as investors opted to book profits following the recent market rally. The ASPI declined by 65.24 points (-0.29%) to close at 22,097.99, while the S&P SL20 fell 28.32 points (-0.46%) to 6,163.22, with a turnover of LKR 7.32 Bn.

The session displayed heightened volatility, with the index dropping 143 points in the first 30 minutes, before rebounding 156 points during midday and eventually closing 65 points lower, underscoring the increased selling pressure from profit-taking.

The Banking sector once again dominated activity, contributing LKR 1.51 Bn (20% of total turnover), reflecting continued investor interest in financial counters despite the day’s correction.

Crossings amounted to LKR 2.29 Bn (31% of total turnover), led by CARG.N with LKR 660.74 Mn, while JKH.N reported the highest volume through crossings with 3 Mn shares traded.

Market breadth leaned negative, with 79 gainers against 141 decliners, highlighting the cautious sentiment among investors.

Top contributors to the ASPI on the upside included BUKI.N (+8.60 points), followed by SUN.N, DIAL.N, COMB.N, and CARS.N. On the downside, MELS.N (-10.90 points) led the declines, while SAMP.N, JKH.N, NDB.N, and DFCC.N also dragged the index lower.

Among notable trades, LCBF.N recorded a turnover of LKR 267 Mn, closing strongly with an 11.54% price gain, marking it as one of the standout performers of the session.