The Colombo Stock Exchange opened the week lower on Monday as the sharp rise in global oil prices weighed on investor sentiment and triggered broad-based selling, the Daily Mirror reported citing Almas Equities Research.
The benchmark All Share Price Index fell 68.82 points, or 0.32 per cent, to close at 21,313.92. The more liquid S&P SL20 shed 0.14 per cent to 5,994.33. EconomyNext reported the same closing levels independently.
Selling pressure intensified after midday as investors weighed the effect of higher oil prices on inflation, corporate costs and the wider economy.
Breadth was worse than the index
The headline fall of a third of a per cent understates the session. Only 66 counters gained against 141 decliners — more than two decliners for every gainer — and foreign investors were net sellers of Rs. 94.71 million.
That foreign outflow is the clearest change from the oil-driven selling of 10 September, when the index fell harder — 108 points — but foreign investors were net buyers of Rs. 16.13 million, moving against the market. Four sessions later the one counter-current has reversed.
Turnover was Rs. 1.55 billion on 56.23 million shares. Crossings accounted for around 44 per cent of that — pre-arranged block trades rather than open-market demand — led by Sampath Bank at about Rs. 213.75 million, Lanka IOC at Rs. 203.00 million and John Keells Holdings at Rs. 148.61 million. John Keells recorded the highest individual counter turnover at Rs. 254.81 million.
With nearly half the day’s business done through crossings, genuine participation was thinner than the Rs. 1.55 billion total suggests — the same pattern flagged in the 10 September session, when crossings ran at about 38 per cent.
The two outlets disagree on which sector led
The Daily Mirror says the Capital Goods sector led activity with Rs. 477.97 million in turnover. EconomyNext says Banks led turnover, with Rs. 309.87 million. Both figures cannot describe the same measure, and neither outlet explains its basis. Readers should treat the sector ranking as unresolved; the index levels, which both outlets give identically, are firm.
The two accounts also differ on the biggest drags. The Daily Mirror names Ceylinco Insurance as the largest negative contributor to the ASPI, followed by Lion Brewery, Dialog Axiata, Aitken Spence and John Keells Holdings. EconomyNext lists Dialog Axiata (down 1.04 per cent at Rs. 47.40), Aitken Spence (down 2.12 per cent at Rs. 138.75), LOLC Holdings (down 1.40 per cent at Rs. 459.25) and Ceylon Cold Stores (down 2.07 per cent at Rs. 118.25). Dialog Axiata and Aitken Spence appear on both lists.
Both agree on the strongest positive contributor: Carson Cumberbatch, which EconomyNext puts up 2.05 per cent at Rs. 735.00.
Why oil moves Colombo
The transmission is direct. Sri Lanka imports effectively all its crude, so a rise in world prices lifts the import bill, pressures the external position and feeds inflation expectations — which is why an energy move originating in the Middle East shows up in Colombo equity prices within a session. Brent crossed $100 a barrel on 9 September for the first time since July and has stayed elevated since.
The same day’s fuel economics were being argued out directly: private retailers told the government they are losing up to Rs. 160 a litre on diesel, with a price revision under consideration.
Also disclosed
EconomyNext reports that Anilana Hotels and Properties informed the exchange that its hotel properties in Nilaveli, Trincomalee and Pasikudah were acquired by Sampath Bank under the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990. The company said it has challenged the bank’s resolution in court and has filed an application in the Commercial High Court concerning a prospective investor who offered Rs. 1.2 billion for the properties in an attempt to reach a compromise.
Not reported
Neither outlet gives the Brent or WTI level that drove Monday’s selling, or the previous session’s close against which the 68.82-point fall is measured. Neither reconciles the Capital Goods and Banks turnover claims, and neither explains why the two negative-contributor lists differ. Neither reports high-net-worth or retail participation levels, which the 10 September accounts did give.
