• ASPI crosses 8,000 points in intra-day trading before closing slightly below
• YTD ASPI higher by 18% and S&P SL20 up by 15%
• Market sees rare net foreign buying of modest Rs. 10 m after Rs. 103 m net buying in Sunshine Holdings

The Colombo stock market sustained its positive run with the benchmark surpassing the psychological 8,000-point level mid-day amidst moderate turnover.

The All Share Price Index gained 47 points or 0.6% to close at 7,986.45 after having moved beyond 8,000 points. The S&P SL20 Index gained by 19 points or 0.6%.

Year-to-date (YTD) the ASPI has gained by 18% and the S&P SL20 by 15%. Turnover amounted to Rs. 1.93 billion involving 114.2 million shares.

Reversing a long-sustained trend, the market saw a net foreign inflow of Rs. 10.4 million, ensuring the YTD figure remained below the Rs. 30 billion-mark. Sunshine Holdings saw net buying of Rs. 102.9 million.

First Capital said the bourse continued to remain in the green zone for the seventh consecutive day with ASPI witnessing an upswing since the beginning of the session till midday, followed by a sideways movement over the rest of the session with the index surpassing the 8,000-mark during the last 30 minutes of trading before closing at 7,986, gaining 47 points.

It said turnover was supported by high retail participation. Turnover was led by the Capital Goods sector, followed by the Food, Beverage and Tobacco sector, collectively accounting for a joint contribution of 40%.

Asia Securities said indices further extended gains during the session with the ASPI crossing the 8,000 level for the first time since February 2021. However, the index closed slightly below, dragged down by price losses in NIFL. Excluding NIFL’s contribution, the ASPI gained 69 points, on the back of price gains in JKH, LOLC and EDEN. Turnover, driven by retail and HNI investors, was recorded above the MTD average level of Rs. 1.8 billion.

The Capital Goods; Food, Beverage and Tobacco; Diversified Financials and Consumer Services sectors led activity, collectively accounting for 68.1% of turnover. 

It said estimated net foreign buying topped in SUN.N at Rs. 102.9 million and net foreign selling topped in JKH.N at Rs. 35.6 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as John Keells Holdings, LOLC Holdings and Ceylon Tobacco Company.

It said high net worth and institutional investor participation was noted in Access Engineering and Lee Hedges. Mixed interest was observed in Sunshine Holdings, LOLC Holdings and Eden Hotel Lanka, whilst retail interest was noted in SMB Leasing voting and non-voting and Browns Investments.  

The Capital Goods sector was the top contributor to the market turnover, whilst the sector index gained 0.96%. The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Sunshine Holdings), whilst the sector index increased by 1.01%. The share price of Sunshine Holdings closed flat at Rs. 25.70, whilst foreign holdings increased by 4,002,048 shares. 

LOLC Holdings, Eden Hotel Lanka, Expolanka Holdings and Dipped Products were also included amongst the top turnover contributors. The share price of LOLC Holdings gained Rs. 7.75 (1.85%) to close at Rs. 426. The share price of Eden Hotel Lanka moved up by Rs. 1 (7.46%) to close at Rs. 14.40. The share price of Expolanka Holdings closed flat at Rs. 52.90. The share price of Dipped Products appreciated by Rs. 0.40 (0.74%) to close at Rs. 54.50.

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