The Colombo Stock Exchange closed lower on Monday, with the All Share Price Index (ASPI) shedding 0.89 percent, or 203.26 points, to end at 22,570.03 as investors remained cautious about the US-Iran standoff around the Strait of Hormuz.
The more liquid S&P SL20 fell 0.66 percent, or 41.15 points, to 6,222.79. Turnover was Rs. 4.11 billion, with capital goods contributing Rs. 786 million and diversified financials Rs. 710.1 million.
Raynal Wickremeratne, Head of Strategy at Softlogic Stockbrokers, described the fall as a “one off situation, as there are no underlying issues seen,” and told EconomyNext a correction could follow on Tuesday. “Most global markets have been positive recently,” he added.
Asiri Hospital Holdings (+12.37% at Rs. 41.80), Melstacorp (+0.56% at Rs. 180.75) and Carson Cumberbatch (+1.90% at Rs. 816.25) were the top positive contributors to the index. The biggest drags were RIL Holdings (-5.92% at Rs. 28.60), CT Holdings (-3.73% at Rs. 581.50) and Dialog Axiata (-2.03% at Rs. 33.80).
Foreign investors posted a net inflow of Rs. 90.9 million against an outflow of Rs. 169.5 million, leaving overall foreign activity broadly balanced.
Regional markets were mostly firmer. The DOW Jones 30 was up 1.79 percent at 49,447.43 points, Hong Kong’s Hang Seng rose 0.77 percent to 26,361.07, while India’s Nifty50 was flat at 24,332.85.
The session extends earlier midday weakness in Colombo, with investors watching Monday’s delayed Islamabad talks and the seizure of the Iranian-flagged Touska near the Strait of Hormuz. Brent crude has jumped from $88 last Friday to around $96 per barrel, reviving concerns about fuel-import costs and corporate margins.
