Stock market ends tough week on the up

The Colombo stock market yesterday ended a tough week on the up as against a 5% decline the previous week. 

The All Share Price Index (ASPI) and the S&P SL20 gained 3.55% and 3.96% respectively, NDB Equities said. Average daily turnover was Rs. 1.28 billion. In contrast the previous week the ASPI and the S&P SL20 lost 5.42% and 4.70% respectively, whilst recording an average daily turnover of Rs. 1.11 billion.

Analysts said it was a week of fluctuating fortunes amidst mixed investor sentiment as the market yearns for new buying especially from institutional investors, both local and foreign. 

First Capital said the Bourse on Friday failed to eke a gain, continuing its fall in the negative direction for the second consecutive session while recording a two-and-half-week high turnover. “Index experienced a zig-zag movement within the early hour of trading, thereafter experienced a sideways movement till mid-day. During the latter part of the session market recorded a zig-zag movement once again and closed at 7,097 losing merely 2 points,” First Capital said. 

It said Capital Goods sector led the turnover for the session followed by Materials sector making a joint contribution of 47%. Parcel trades boosted the turnover for the session amounting to 59% of total. 

NDB Equities said yesterday the ASPI edged down as a result of price losses in counters such as Asiri Hospital Holdings, Dialog Axiata and Asian Hotels & Properties with the turnover crossing Rs 1.6 billion. 

The S&P SL20 closed in green with 12 points up. 

Crossings were witnessed in Hayleys, Royal Ceramics and Diesel and Motor Engineering, accounting for 59.2% of the turnover. 

Mixed interest was observed in HNB Assurance, LOLC Holdings and CIC Holdings, whilst retail interest was noted in Expolanka Holdings, Browns Investments and Sampath Bank. 

Capital Goods sector was the top contributor to the market turnover (due to Hayleys and Royal Ceramics), whilst the sector index gained 0.16%. The share price of Hayleys increased by Rs. 1.50 (2.63%) to close at Rs. 58.60. The share price of Royal Ceramics closed flat at Rs. 255.00.

Materials sector was the second highest contributor to the market turnover, whilst the sector index increased by 0.12%. 

Hatton National Bank nonvoting, Browns Investments and Sampath Bank were also included amongst the top turnover contributors. 

The share price of Hatton National Bank nonvoting moved up by Rs. 0.40 (0.40%) closing at Rs. 100.00 whilst foreign holdings decreased by 663,488 shares. Furthermore, the share price of Browns Investments recorded a gain of Rs. 0.10 (1.85%) to close at Rs. 5.50, whilst the share price of Sampath Bank appreciated by Rs. 1.20 (2.19%) to close at Rs. 56.10.

Separately First Capital Holdings and Regnis announced their interim dividends of Rs. 5.00 and Rs. 2.60 per share respectively.

Net foreign selling amounted to Rs. 131 million an up from Rs. 94 million on Thursday. The year-to-date net foreign outflow is Rs. 16.18 billion.