Market continues to slide amid strong turnover

By Almas Equities Research 

The Colombo Stock Exchange (CSE) closed the trading day on a negative note, despite witnessing heightened trading activity. Within the first half of the session alone, the market generated approximately LKR 5.00 billion in turnover, primarily driven by a series of significant crossing trades that dominated the day’s proceedings.

The most notable transaction came from East West Properties PLC (EAST.N), where a crossing amounting to LKR 3.23 billion was recorded, involving a share volume of 106.99 million. This acquisition was made by renowned business tycoon Mr. Dhammika Perera, who consequently became the largest shareholder of the company.

Despite the high turnover, overall market sentiment remained subdued. Investors largely adopted a wait-and-see approach in light of the anticipated reciprocal tariff announcement by the United States, which led to a broad-based sell-off across several counters. This cautious sentiment weighed on the indices and trading volumes throughout the session.

The benchmark All Share Price Index (ASPI) declined by 10.08 points, or 0.06%, closing at 18,032.12. Similarly, the S&P SL20 Index dropped by 18.24 points, or 0.34%, to end at 5,321.75. Total market turnover stood at LKR 8.88 billion, with 239.27 million shares changing hands. Market breadth reflected a negative bias, with 83 gainers and 113 losers contributing to the day’s overall movement.

LB Finance PLC (LFIN.N) emerged as the top positive contributor to the ASPI, adding 6.22 points. In contrast, John Keells Holdings PLC (JKH.N) was the largest negative contributor, dragging the index down by 16.15 points. The Real Estate Management & Development sector led in terms of sectoral turnover, generating LKR 3.53 billion and accounting for nearly 40% of the total market turnover.

Crossing transactions accounted for a significant portion of trading activity, contributing around LKR 5.24 billion, approximately 60% of the day’s total turnover. The East West Properties PLC (EAST.N) crossing stood out as the largest and most influential deal of the session.