CSE does a dozen-gain; turnover tops Rs. 5 b

• Only negative factor net foreign selling crosses Rs. 49 b mark YTD
• Market capitalisation turns YTD positive 

The Colombo stock market yesterday completed 12 consecutive days of gains showing consistency whilst turnover hit a new high of Rs. 5.3 billion as investor sentiments gathered more momentum. 

On a choppy day for indices, the ASPI finished up 51 points or 0.7% and the S&PSL20 inched up by near 4 points or 0.1%. Turnover was Rs. 5.29 billion.

The only negative at the CSE is the net foreign outflow which crossed the Rs. 49 billion mark yesterday to Rs. 49.3 billion year to date after the day saw Rs. 450.6 million worth of net selling. The latter included net selling (around 8 million shares) of Rs. 285 million in Softlogic Life Insurance with the seller being State Street Bank and Trust Company Global Macro Portfolio which as at 30 September held 23 million shares or 6% stake. Buyers included high net worth individuals and some retailers.

Market capitalisation which turned positive year to date on Tuesday improved further to close at Rs. 2.88 trillion up Rs. 35 billion or 1.2% year to date.

First Capital said after 11 days of continuous uptrend bourse experienced a volatile sentiment before completing the 12th day of the winning streak while recording a month high turnover. 

It said Food and Beverage sector dominated the 5 billion plus turnover with the aid of BIL, followed by Capital Goods sector making a combined contribution of 53%. 

“Index experienced a short-lived uptrend within the early hour of trading, followed by a strong downward movement and hit its intraday low of 6,541 during mid-day. Later market moved upwards and closed at 6,605 gaining 41 points,” First Capital said. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Browns Investments, Brown & Company and LOLC Holdings.

It said high net worth and institutional investor participation was noted in National Development Bank, John Keells Holdings and Hayleys Fabric. Mixed interest was observed in Hemas Holdings, Softlogic Life Insurance and Hatton National Bank, whilst retail interest was noted in Browns Investments, LOLC Holdings and Expolanka Holdings. 

Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Browns Investments) whilst the sector index gained 1.69%. The share price of Browns Investments increased by Rs. 0.70 (23.33%) to close at Rs. 3.70.

Capital Goods sector was the second highest contributor to the market turnover (due to Hemas Holdings and John Keells Holdings) whilst the sector index increased by 1.04%.

The share price of Hemas Holdings gained Rs. 2.90 (3.22%) to close at Rs. 92.90. The share price of John Keells Holdings appreciated by Rs. 0.20 (0.13%) to close at Rs. 152.20. 

Softlogic Life Insurance and National Development Bank were also included amongst the top turnover contributors. The share price of Softlogic Life Insurance moved up by Rs. 1.10 (3.24%) closing at Rs. 35.10 whilst foreign holdings decreased by 8,112,665 shares. 

The share price of National Development Bank recorded a loss of Rs. 0.30 (0.36%) closing at Rs. 82.10 whilst foreign holdings decreased by 3,005,000 shares.

Asia Securities said foreigners recorded a net outflow of Rs. 450.7 million while their participation increased to 12.5% of turnover (previous day 5.3%). Estimated net foreign buying topped in Hemas Holdings at Rs. 106.6 million. Estimated net foreign selling topped in Softlogic Life Insurance at Rs. 284.8 million.