Sunday Dec 15, 2024
Sunday Dec 15, 2024
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The Colombo stock market saw bullish sentiment among investors sustained with both indices up amidst a high Rs. 10 billion turnover.
The All Share Price Index gained by 1% or over 115 points and the S&P SL20 gained by over 16 points or 0.4%. Trading of over 459 million shares boosted turnover to Rs. 9.98 billion as opposed to Rs. 7.5 billion on Wednesday.
Net foreign selling yesterday hit a new high of Rs. 934 million, pushing the year-to-date net outflow to over Rs. 49.5 billion. Last week, net outflow topped Rs. 1 billion as well.
Asia Securities said: “With the stock market surpassing the 11,000 milestone once again, the ASPI staged a strong return to positive territory with a gain on the back of price gains in BIL and EXPO.”
Despite price declines in LOLC, RICH, and JKH, the more liquid S&P SL20 index managed to close higher for the seventh consecutive session, its longest streak in two months, to scale another record, closing high at 3,767.
Turnover reached its highest level of the week, boosted by retail and HNI activity in BIL (Rs. 2,361 million) and EXPO (Rs. 609 million), while ASCO-supported activity generated Rs. 995 million of turnover due to foreign selling executed in the stock.
On the sectoral front, manufacturing stocks such as ALUM (+10.1%), PARQ (+10.1%), LALU (+12.8%), tile sector companies RCL (+5.5%), LWL (+5.8%), and TILE (+4.8%) gathered more momentum on renewed sentiments.
“Following a 60-point gap-up opening, the ASPI dipped to an intra-day low of 10,890 (-20 points) in the first hour of trading. Thereupon, the index recovered quickly with a sharp pickup of 179 points to 11,069 and witnessed stabilisation in the range of 11,010-11,040 as the session progressed. Overall, 106 stocks recorded price gains for the day, while 99 closed in red,” Asia said.
First Capital said the bourse thrived in green after a marginal down yesterday while recording the highest turnover for the week.
“The Index continued to follow the downtrend, reaching its intraday low at 10,887 within the first 30 min of the session. Eventually, as CBSL announced that policy rates are to be maintained at the current level, market began to move upward and was dominated by bulls till the end, closing at 11,026, gaining 116 points,” First Capital added.
It said turnover led by a joint contribution of 54% from the Food, Beverage and Tobacco sector and the Capital Goods sector.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as Browns Investments, Expolanka Holdings and Vallibel One.
It said high net worth and institutional investor participation was noted in Access Engineering, Sunshine Holdings and Royal Ceramics. Mixed interest was observed in Lanka Realty Investments, Lanka Aluminium Industries, and Alumex, whilst retail interest was noted in Browns Investments.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments and Agalawatte Plantations), whilst the sector index gained 1.79%. The share price of Browns Investments increased by Rs. 1.10 (9.24%), closing at Rs. 13. The share price of Agalawatte Plantations appreciated by Rs. 1.80 (3.62%), closing at Rs. 51.50.
The Capital Goods sector was the second highest contributor to the market turnover whilst the sector index increased by 1.49%.
Lanka Realty, Expolanka Holdings and Bogala Graphite Lanka were also included amongst the top turnover contributors. The share price of Lanka Realty lost Rs. 5.60 (18.06%) to close at Rs. 25.40. The share price of Expolanka Holdings moved up by Rs. 7.50 (3.29%) to close at Rs. 235.25. The share price of Bogala Graphite Lanka recorded a gain of Rs. 26.75 (18.74%) to close at Rs. 169.50.
