CSE remains positive despite low investor activity

Friday, 28 October 2022 00:21 - - {{hitsCtrl.values.hits}}

The Colombo stock market remained positive for the second consecutive day amidst low investor activity.

Both indices gained by over 2% but turnover was Rs. 1.3 billion involving 59 million shares.

Asia Securities said the indices witnessed a buoyant session recording their biggest single-day gains in two weeks largely due to price gains in LIOC (+4.6%), EXPO (+4.1%), BIL (+11.9%), LOFC (+4.3%), and SPEN (+9.3%).

The ASPI gained 199 points (+2.3%) to close at 8,802 and the S&P SL20 index ended 69 points (+2.6%) higher to end at 2,677. Turnover was led by LIOC (Rs. 192 million), JKH (Rs. 169 million), EXPO (Rs. 152 million), and BIL (Rs. 149 million). SPEN ended as the biggest contributor to the ASPI (+19 points), followed by BIL (+17 points), and LOLC (+17 points). The breadth of the market continued positive with 143 gainers and 33 decliners

Asia also said foreigners recorded a net inflow of Rs. 193.1 million while their participation increased to 8.4% of turnover (previous day 4.9%). Net foreign buying topped in JKH at Rs. 102.9 million and selling topped in LDEV at Rs. 3.5 million.

First Capital said the buying momentum continued yet another day while the broad market witnessed a recovery as investor optimism grew, expecting the interest rates to come down. Active investor participation was noted on retail favourites EXPO and LIOC, which aided towards the recovery of the index during the day. Accordingly, the index displayed a sharp upswing and continued to climb higher to end the day at 8,802, while recording the highest intraday gain of 199 points in two-weeks.