Colombo stock market turns negative over external factors

THE Colombo stock market yesterday saw a sell-off of sorts largely influenced by external factors though early gains ensured a modest gain for the week.

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The benchmark ASPI declined by 1.3% and the active S&P SL20 by 1.6%. For the week the ASPI and the S&P SL20 gained 0.2% and 0.3% respectively. Turnover yesterday was 4 billion involving 164.7 million shares.

First Capital said the Bourse experienced a highly volatile trading day, marked by lower investor engagement compared to previous sessions and widespread profit taking sentiment.

The ASPI opened with a steep dip, briefly rebounded, then dropped sharply again before making a moderate climb amid volatility, ultimately ending in the red at 17,427, having shed 234 points.

HNB, MELS, DFCC, SAMP and JKH were the key counters that exerted downward pressure on the index.