Market pulls back after early gains, ASPI ends in red

By Almas Equities Research 

The Colombo Stock Exchange (CSE) reversed sharply today, erasing the previous session’s gains and closing in negative territory. During the first half hour of trading, the ASPI climbed more than 120 points, but momentum quickly faded, with the index sliding 270 points to end lower. Intraday volatility remained elevated, with a trading range exceeding 270 points between the session’s high and low.

The ASPI fell 127.51 points, or 0.61%, to 20,641.83, while the S&P SL20 Index declined 43.55 points, or 0.73%, to 5,886.16. Market turnover stood at LKR 6.57 billion, on a share volume of 267.94 million.

Crossings contributed LKR 2.09 billion, accounting for 31% of total turnover. The largest crossing by both value and volume was in PLR.N, which generated LKR 1.41 billion from 45.50 million shares.

Sector-wise, Real Estate dominated activity, contributing 30% of turnover, largely driven by PLR.N, which alone accounted for LKR 1.91 billion.

Market sentiment remained weak, with 142 decliners outweighing 69 gainers.

Top Contributors to the ASPI:

Positive: CFIN.N added 5.43 index points, followed by PLR.N, GLAS.N, CTC.N, and SEYB.N.

Negative: HNB.N was the largest drag, subtracting 23.08 points, while CARG.N, DFCC.N, JKH.N, and DIAL.N also weighed on the index.

Among notable trades, PLR.N stood out with transactions amounting to LKR 1.91 billion, of which 73% came through off-the-floor transactions, making it the most actively traded counter of the session.