Market holds steady as earnings season picks up pace

By Almas Equities Research

Following yesterday’s exceptional gains, the Colombo Stock Exchange closed on a mixed note today, with the ASPI ending marginally positive while the S&P SL20 finished slightly lower. The market traded largely sideways throughout the session, although healthy turnover and volume levels reflected improved liquidity and active participation.

Market sentiment remained mixed as the quarterly earnings season gathers momentum, prompting investors to reallocate portfolios toward anticipated earnings plays and value-driven opportunities. The ASPI closed at 23,813.77, up 7.58 points (+0.03%), while the S&P SL20 slipped 1.47 points (-0.02%) to 6,617.85. Total turnover stood at LKR 8.32 billion, with 187.27 million shares changing hands.

The Capital Goods sector led market activity, recording LKR 2.03 billion in turnover with 32.64 million shares traded, led by DOCK.N, which generated LKR 0.76 billion in turnover from 5.40 million shares. Crossings contributed LKR 2.0 billion, representing 24% of total turnover, with COCO.N recording the largest block trade at LKR 0.70 billion involving 10.0 million shares.

Market breadth continued to weaken, with 108 gainers and 109 decliners, indicating subdued investor sentiment despite the marginal positive close. HNB.N led the upside, adding 23.13 points, supported by gains in DFCC.N, UML.N, RICH.N, and ASCO.N. On the downside, HAYL.N was the largest drag, declining 44.00 points, while DOCK.N, SFCL.N, CARG.N, and DIAL.N also pressured the index.

Among notable trades, UML.N delivered a strong performance, recording LKR 0.36 billion in turnover with 9.13 million shares traded, and closing up 8.46%, highlighting selective buying interest in specific counters amid broader market consolidation.