ASPI suffers sharp sell-off as panic selling deepens market correction

By Almas Equities Research

The Colombo Stock Exchange came under heavy pressure on Monday (24th November 2025), as the ASPI plunged 337.84 points (-1.47%) to close at 22,644.88, marking one of its steepest single-day declines in recent weeks. The index has now retreated 4.8% from its all-time high, edging closer to the 5% correction threshold. Profit-taking that began earlier in the week accelerated into panic selling, with investors moving swiftly to lock in gains or minimize losses as volatility surged throughout the session.

The S&P SL20 mirrored the downturn, falling 84.90 points (-1.33%) to finish at 6,279.71, reflecting broad-based weakness across heavyweight counters.

The Capital Goods sector led market activity, generating LKR 1.63 Bn in turnover. HHL.N was the standout performer in terms of activity, posting LKR 433 Mn in turnover with 12.3 Mn shares traded, driven by heightened institutional participation.

Total market turnover reached LKR 4.95 Bn, with 145.87 Mn shares changing hands. Crossings contributed a significant LKR 1.15 Bn (23% of total turnover), largely due to a sizeable block trade in HHL.N worth LKR 396 Mn involving 11.2 Mn shares.

Market breadth deteriorated sharply, with only 26 gainers against 220 decliners, underscoring the depth of selling pressure as the market continued its consolidation phase following recent all-time highs.

On the performance front, SFCL.N was the top positive contributor, adding 11.40 points to the ASPI, followed by gains in UML.N, PAP.N, RAL.N, and CARG.N.

Conversely, HNB.N was the biggest drag on the index, losing 25.60 points. Other major negative contributors included RICH.N, NDB.N, SAMP.N, and JKH.N, reflecting widespread weakness across key sectors.

Among notable trades, UML.N drew strong market attention after announcing a 1-for-10 share split, surging 11% with LKR 233 Mn in turnover and 0.69 Mn shares traded.