CSE trades sideways as market enters consolidation near 24,000

By Almas Equities Research

The Colombo Stock Exchange began the week on a mixed note, with investor sentiment remaining largely subdued as the market showed signs of consolidation near the key 24,000 level.

The ASPI edged marginally lower, while the S&P SL20 closed in positive territory, reflecting selective buying interest amid ongoing portfolio rebalancing.

The ASPI declined by 3.42 points (-0.01%) to close at 23,953.09, while the S&P SL20 gained 13.62 points (+0.20%) to settle at 6,663.12. Market participants appeared cautious, with trading activity characterized by sector rotation and value-driven positioning rather than broad-based momentum.

Overall market turnover stood at LKR 5.49 billion, with 194.95 million shares traded during the session. Activity was led by the Capital Goods sector, which generated LKR 1.62 billion in turnover on a volume of 29.81 million shares. Within the sector, BRWN.N emerged as the top contributor, recording LKR 0.42 billion in turnover with 2.12 million shares traded.

Crossings totaled LKR 0.45 billion, accounting for 8% of overall market turnover. The largest crossing was reported in CARG.N, valued at LKR 0.15 billion, involving 0.20 million shares.

Market breadth remained slightly negative, with 95 gainers against 126 decliners, underscoring subdued near-term sentiment as investors await clearer directional cues.

On the index front, MELS.N made the strongest positive contribution, adding 17.06 points, followed by HARI.N, LOLC.N, HAYL.N, and RCL.N. Conversely, SAMP.N led the drag on the ASPI, shedding 7.22 points, while RICH.N, DFCC.N, CTHR.N, and CARG.N also weighed on index performance.

Among notable counters, YORK.N stood out with a sharp move, recording LKR 0.18 billion in turnover on 11.65 million shares, alongside a 24.81% price gain, highlighting continued interest in select speculative and momentum-driven stocks.