Colombo stock market declines for sixth consecutive day

The All-Share Price Index declined for the sixth consecutive session, ending the day 0.44 percent lower at 22,080.65. Meanwhile, the S and P SL20 index also fell 0.44 percent to settle at 6,167.05. With today’s performance, the broader index remains 2.40 percent down year to date, while the S and P SL20 index is up 0.16 percent.

From a technical perspective, today’s sell off pushed the ASPI below the lower end of its support zone at 22,128, moving it towards the next support range between 21,685 and 21,811, where buying interest could potentially reemerge.

A notable downward revision in cooking gas prices on Friday, along with subsequent cuts in some cooked food prices, which could help ease inflation in the months ahead, failed to lift investor sentiment.

Market breadth remained negative, with 55 gainers against 156 decliners. The ASPI’s decline was primarily driven by Hatton National Bank PLC (HNB.N), R I L Property PLC (RIL.N) and Dialog Axiata PLC (DIAL.N).

Market turnover stood at LKR 1.35 billion, well below the year-to-date average daily turnover of LKR 4.37 billion. Trading activity was led by Windforce PLC (WIND.N), Singer Sri Lanka PLC (SINS.N) and Ceylon Cold Stores PLC (CCS.N). Sector wise, activity was concentrated in utilities, capital goods and banking.