The Colombo stock market bounced back yesterday to close marginally on the up amidst low turnover. 

The All Share Price Index gained by 0.6% and the S&P SL20 rose by 0.7%. Turnover was only Rs. 890 million involving 74 million shares. 

First Capital said the market revived on an upbeat note despite turnover striking at a five-week low. 

“The index slightly improved during the first few minutes of trading and subsequently indicated a downward momentum during the mid-day, followed by a sideways movement towards the latter part of the day to close at 7,146, gaining 35 points,” First Capital added. 

It said turnover was recorded pale at Rs. 0.9 billion amidst low retail participation. The Capital Goods sector led the turnover for the session closely followed by the Food, Beverage and Tobacco sector, making a joint contribution of 56%. 

Asia Securities said the indices remained stable throughout the session with a lower level of activity recorded. JKH accounted for 20% of turnover, mainly due to net foreign selling which was absorbed by local investors. It said the Capital Goods, Food, Beverage and Tobacco, Banks and Materials sectors led activity, collectively accounting for 80% of turnover. 

Foreigners recorded a net outflow of Rs. 56.4 million with estimated net foreign buying seen most in SAMP.N at Rs. 38.4 million and net foreign selling topping at JKH at Rs. 119.5 million. 

NDB Equities said the ASPI closed in green as a result of price gains in counters such as Ceylon Tobacco Company, Expolanka Holdings and Browns Investments.

It said high net worth and institutional investor participation was noted in Sampath Bank. Mixed interest was observed in Dialog Axiata, Royal Ceramics and John Keells Holdings, whilst retail interest was noted in Industrial Asphalts, SMB Leasing and Browns Investments. Foreign participation in the market remained at subdued levels with foreigners closing as net sellers.

The Capital Goods sector was the top contributor to the market turnover (due to JKH and Royal Ceramics), whilst the sector index gained 0.17%. The share price of JKH decreased by Rs. 2.75 (2%), closing at Rs 135, whilst foreign holdings decreased by 885,273 shares. The share price of Royal Ceramics appreciated by Rs. 1.10 (3.31%) to close at Rs. 34.30.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments), whilst the sector index increased by 0.58%. The share price of Browns Investments gained Rs. 0.10 (1.56%) to close at Rs. 6.50.

Sampath Bank and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Sampath Bank moved up by Rs. 0.30 (0.61%) to close at Rs. 49.70. The share price of Expolanka Holdings recorded a gain of Rs. 1.10 (2.48%) to close at Rs. 45.40.

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