Christmas cheer as CSE soars to 41-month high

•  Week ends with both indices up 1%

The Colombo stock market celebrated Christmas in advance soaring to a 41-month high amidst healthy turnover and play on select blue chips.

The All Share Price Index (ASPI) closed at 6,685.64 up 56.62 points (+0.85%) while the more liquid S&P SL20 index closed at 2,599.67 up 24.94 points (+0.97%). Turnover was Rs. 2.7 billion. The ASPI gained 68.69 points (+1.04%) during the week while the S&P SL20 gained 26.72 points (+1.04%). Turnover averaged Rs. 3.47 billion, improving from Rs. 2.87 billion last week, according to Asia Securities.

First Capital said the market experienced a 41-month high reverting the direction to positive while recording the highest intraday gain after two and half weeks.

“Index witnessed a side-way movement till mid-day thereafter recorded a continuous uptrend for the rest of session,” First Capital added.

It said Capital Goods sector dominated the turnover for the session with a contribution of 50% aided by Hayleys. Moreover, parcel trades in Hayleys and Ceylon Cold Stores boosted the turnover amounting to 25%.

Asia Securities said turnover received a significant boost from strong activity in Hayleys from institutions and HNIs. Capital Goods, Materials, Food, Beverage and Tobacco and Consumer Durables and Apparel sectors led activity, collectively accounting for 82.9% of turnover.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as John Keells Holdings, Ceylon Tobacco Company and Nestle Lanka.

It said high net worth and institutional investor participation was noted in Hayleys, Ceylon Cold Stores and Softlogic Holdings. Mixed interest was observed in Dipped Products, Central Industries and Hayleys Fabric, whilst retail interest was noted in Tokyo Cement Company voting and nonvoting, and Ceylon Investment.

Capital Goods sector was the top contributor to the market turnover (due to Hayleys and Central Industries) whilst the sector index gained 0.91%. The share price of Hayleys increased by Rs. 21.30 (5.52%) to close at Rs. 407.30. The share price of Central Industries moved up by Rs. 1.60 (1.37%) to close at Rs. 118.40.

Materials sector was the second-highest contributor to the market turnover (due to Dipped Products and Tokyo Cement Company nonvoting) whilst the sector index increased by 0.23%. The share price of Dipped Products gained Rs. 10 (3.05%) to close at Rs. 337.90. The share price of Tokyo Cement Company nonvoting declined by Rs. 1 (1.49%) to close at Rs. 66.20.

Hayleys Fabric was also included amongst the top turnover contributors. The share price of Hayleys Fabric recorded a gain of Rs. 0.50 (1.82%) to close at Rs. 27.90.

Separately Bukit Darah announced an interim dividend of Rs. 0.60 per share.

Asia Securities said foreigners recorded a net outflow of Rs. 0.6 million while their participation declined to 2.9% of turnover (previous day 10.4%). Estimated net foreign buying topped in CCS at Rs. 30.6 million. Estimated net foreign selling topped in LALU at Rs. 16.8 million.