Stock market turns positive but turnover low

The Colombo stock market turned positive yesterday though turnover remained low and foreigners continued to sell. 

Acuity Stockbrokers said that the Bourse ended on a positive note as the ASPI increased by 0.14% or 8.13 points to close at 5,914.33 points, while the S&P SL20 Index also increased by 0.03% or 0.73 points to close at 2,826.23.

Turnover decreased by 30.6% relative to yesterday to amount to Rs. 340 million while the crossings for the day amounted to 25.0% of the day’s total turnover.

Foreign Investors recorded a net outflow of Rs. 21.3 million over the day compared to a net outflow of

Rs. 350.8 million recorded on Monday.

Members of the Colombo Stock Brokers Association on Monday met Prime Minister and Finance Minister Mahinda Rajapaksa urging several measures to boost the Colombo Bourse. 

NDB Securities said indices closed in green as a result of price gains in counters such as John Keells Holdings, Commercial Bank and Sampath Bank.

High net worth and institutional investor participation was noted in Sampath Bank and Central Finance Company. Mixed interest was observed in Commercial Bank and Hatton National Bank whilst retail interest was noted in Seylan Bank nonvoting and Browns Investments. 

Furthermore, foreigners remained active closing as net sellers. Banks sector was the top contributor to the market turnover (due to Sampath Bank, Commercial Bank and Hatton National Bank) whilst the sector index gained 1.76%. The share price of Sampath Bank increased by Rs. 4.80 (3.14%) to close at Rs. 157.80. The share price of Commercial Bank gained Rs. 2.00 (2.22%) to close at Rs. 92.00. The share price of Hatton National Bank recorded a gain of Rs. 2.80 (1.78%) to close at Rs. 159.90. Capital Goods sector was the second highest contributor to the market turnover (due to Access Engineering) whilst the sector index increased by 0.80%. The share price of Access Engineering appreciated by Rs. 0.10 (0.52%) to close at Rs. 19.50. 

Central Finance Company was also included amongst the top turnover contributors. The share price of Central Finance Company edged down by Rs. 0.10 (0.10%) to close at Rs. 105.00.