CSE’s benchmark ASPI briefly touches 10,000 point level

The Colombo stock market sustained its bullish sentiment with the benchmark All Share Price Index touching the magical 10,000-point level though closing lower amidst improved turnover.

The All Share Price crossed the 10,000 point mark in early trading but when the market closed, it finished at 9.915 points, up by nearly 34 points from Thursday. The S&PSL20 gained 33 points or 0.9%. Turnover amounted to Rs. 4.46 billion involving 149.5 million shares.

During the week, the ASPI and the S&P SL20 gained 3.03% and 1.67%, respectively, whilst recording an average daily turnover of Rs. 3.83 billion.

Asia Securities said the ASPI extended its record-breaking run today to scale a new all-time high just shy of the 10,000 milestone, at 9,998 (+117 points) before retreating due to price declines in index-heavy CLC. 

Nevertheless, the index managed to remain in positive territory for the fifth consecutive session closing at 9,915 (+34 points). 

Leading the surge in the ASPI, EXPO contributed 33 points to the index with a 3.7% gain and generated the highest turnover (Rs. 813 million) accounting for 18.2% of activity. On the sectoral front, manufacturing sector stocks such as MGT, RCL, GLAS, TILE and LWL witnessed a sharp pickup in their prices during the session. The breadth of the market turned positive as 112 counters recorded gains while 82 stocks settled with price losses Asia said.

It said foreigners recorded a net outflow of Rs. 108.5 million while their participation increased to 2.6% of turnover (previous day 1.5%). Net foreign buying topped in RCL at Rs. 32.5 million while net selling topped in MELS at Rs. 58 million. 

First Capital said the Bourse ended the week strongly in the green zone continuing its bull rally for the fifth straight session while recording a two-and-half-week high turnover driven by high retail participation. “The Index started trading on an upbeat note, gaining 109 points and eventually hitting an intraday high of 10,002. Eventually, the index moved on a sideways drift as selling pressure mounts and investors chose to book profits after the index crossed the 10,000 mark. However, bulls managed to hold on to their positions, closing at 9,915,” First Capital added.

It said turnover was led by a joint contribution of 42% from the Capital Goods and Transportation sectors.

NDB Securities said Indices closed in green as a result of price gains in counters such as Expolanka Holdings, LOLC Holdings and Hayleys.

It said high net worth and institutional investor participation was noted in Royal Ceramics, Cargills and Melstacorp. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Hayleys Fabric whilst retail interest was noted in Browns Investments, Piramal Glass and Kotagala Plantations.

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics) whilst the sector index gained 1.10%. The share price of Royal Ceramics recorded a gain of Rs. 1.90 (3.81%) to close at Rs. 51.80.

Transportation sector was the second-highest contributor to the market turnover (due to Expolanka Holdings) whilst the sector index increased by 3.72%. The share price of Expolanka Holdings increased by Rs. 7.50 (3.72%) to close at Rs. 209.

Browns Investments, LOLC Holdings and Hayleys Fabric were also included amongst the top turnover contributors.

The share price of Browns Investments gained 10 cents (0.94%) to close at Rs. 10.70. The share price of LOLC Holdings moved up by Rs. 9.50 (1.48%) to close at Rs. 652.25. The share price of Hayleys Fabric appreciated by Rs. 3.10 (9.42%) to close at Rs. 36.