Stock market rebounds

Friday, 27 September 2019 00:00 - - {{hitsCtrl.values.hits}}

The Colombo stock market ended its recent streak of negative runs to close on the up.

Acuity Stockbrokers said the ASPI increased by 0.18% or 10.36 points while the S&P SL20 Index also increased by 0.49% or 13.52 points.

Market turnover increased by 23.9% to Rs. 270 million while the crossings accounted for 17.5% of the day’s total turnover.

Foreign investors recorded a net inflow of Rs. 46.3 million over the day compared to a net inflow of LKR 13 million on Wednesday.

NDB Equities said the ASPI closed in green as a result of price gains in counters such as John Keells Holdings, Commercial Leasing & Finance and Commercial Bank.

A similar behaviour was witnessed in the S&P SL20. High net worth and institutional investor participation was noted in Nations Trust Bank.

Mixed interest was observed in Browns Investments, John Keells Holdings and Cargills whilst retail interest was noted in First Capital Holdings.

Foreigners closed as net buyers mainly due to foreign purchasing in Nations Trust Bank.

Banks, Finance and Insurance sector was the top contributor to the market turnover (due to Nations Trust Bank) whilst the sector index gained 0.29%. The share price of Nations Trust Bank increased by Rs 0.70 (0.91%) closing at Rs 78.00 whilst foreign holdings increased by 615,278 shares.

Diversified sector was the second highest contributor to the market turnover (due to Browns Investments and John Keells Holdings) whilst the sector index increased by 0.80%. The share price of Browns Investments gained Rs 0.10 (2.33%) to close at Rs 4.40. The share price of John Keells Holdings moved up by Rs 2.90 (1.91%) to close at Rs 154.90. Cargills and Hayleys Fabric were also included amongst the top turnover contributors. The share price of Cargills recorded a loss of Rs 5.70 (2.99%) to close at Rs 185.00. The share price of Hayleys Fabric appreciated by Rs 0.10 (0.68%) to close at Rs 14.70.