Colombo stock market remains on the up

Friday, 19 June 2020 00:00 -     - {{hitsCtrl.values.hits}}

The Colombo stock market gathered more momentum with both indices ending in positive territory amidst healthy turnover. 

The ASPI gained by nearly 19 points and the S&P SL20 index by a similar fashion. Turnover was Rs. 1.2 billion. 

First Capital said the Bourse ended in the green territory for the 3rd consecutive session with banking counters contributing to more than 25% of the turnover for nearly two weeks. 

“The market witnessed an upward movement within the first 30 minutes of trading and reached its intraday high of 4,992, thereafter experienced a volatile sideways movement till mid-day. Later market recorded a downtrend and closed at 4,977 gaining 19 points,” it said. 

ASPI was uplifted predominantly due to the price advances in Carson Cumberbatch and Hatton National Bank. Parcel trades made in Commercial Bank boosted the turnover by 12%. Foreign investors continued to be net sellers while recording moderate participation, First Capital added.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Carson Cumberbatch, Hatton National Bank and Melstacorp. A similar behaviour was also witnessed in the S&P SL20.

It said high net worth and institutional investor participation was noted in Commercial Bank and Ceylon Tobacco Company. Mixed interest was observed in Dialog Axiata, Hatton National Bank voting and non-voting whilst retail interest was noted in First Capital Holdings and Tokyo Cement Company. Furthermore, foreigners remained active closing as net sellers. Total foreign sales accounted for 42.0% of the turnover.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Hatton National Bank voting and non-voting) whilst the sector index gained 1.32%. The share price of Commercial Bank decreased by Rs. 0.10 (0.14%) to close at Rs. 69.80 while the share price of Hatton National Bank gained Rs. 2.80 (2.67%) to close at Rs. 107.60. Furthermore, the share price of Hatton National Bank non-voting recorded a gain of Rs. 1.00 (1.25%) to close 

at Rs. 81.20.

Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Ceylon Tobacco Company) whilst the sector index increased by 0.36%. The share price of Ceylon Tobacco Company edged down by Rs. 0.40 (0.04%) to close at Rs. 950.10.

LOLC Holdings was also included amongst the top turnover contributors. The share price of LOLC Holdings appreciated by Rs. 1.10 (0.90%) to close at Rs. 123.10.