Market pulls back amid profit-taking, ASPI slides slightly

By Almas Equities Research

The Colombo stock market started the week on a softer note on Monday, with both benchmark indices closing in moderate losses. Despite an intraday high of 108 points in the ASPI, selling pressure in index-heavy counters dragged the market into negative territory by the close. Investor sentiment remained cautious, with activity focused primarily on fundamentally strong, value-driven stocks ahead of the anticipated December quarter earnings.

As of 9th February, 78 companies have reported their December quarter results, collectively posting LKR 49.55 billion in earnings, reflecting an 18.02% year-on-year growth.

Market turnover was led by the Food & Beverage sector, which recorded LKR 1.79 billion with 52.81 million shares traded. LMF.N emerged as the top contributor in the sector, generating LKR 0.85 billion in turnover with 11.58 million shares changing hands. Crossings accounted for LKR 2.29 billion, or 36% of total turnover, with the largest block trade recorded in CIC.N at LKR 0.87 billion involving 25.07 million shares.

At the close, the All Share Price Index (ASPI) fell 47.70 points, or 0.20%, to 23,754.26, while the S&P SL20 Index dipped 6.04 points, or 0.09%, to 6,608.68. Total market turnover stood at LKR 6.31 billion, with a share volume of 351.08 million shares.

Market breadth continued to weaken, with 79 gainers against 139 decliners, indicating persistent selling pressure. Among notable movements, COMB.N (+14.97 points), MELS.N, DIAL.N, LMF.N, and BUKI.N contributed positively, while JKH.N (-22.69 points), SFCL.N, DOCK.N, TKYO.N, and CARG.N weighed on the index. LMF.N recorded significant activity with a turnover of LKR 0.85 billion and an 11.58 million share volume, closing with a 9.08% price gain.