Investor sentiment bounced back yesterday as both indices gained by over 1%, whilst retailers stepped up play on Lanka IOC shares with over Rs. 1 billion traded, pumping its price by over 32% on the basis the fuel hike has made it attractive.

The All Share Price Index gained by over 180 points or 1.55% and S&PSL20 rose by over 46 points, or 1.12%. Turnover however was relatively low at Rs. 3.8 billion with 156.5 million shares traded.

Asia Securities said that, following two sessions of losses, the indices bounced back strongly with selected front-line counters across sectors gaining further ground as investors re-entered into these stocks capitalising on recent price declines due to profit-taking.

Extending gains for a second consecutive session, LIOC rallied over 32% while SUN (+7.9%), HBS (+5.2%), and JKH (+2.9%) also displayed some positive momentum on improved local investors’ appetite. However, turnover remained at moderate levels led by LIOC, EXPO, and BIL.

“After recording a sharp 154-point gap up, the ASPI moved within the range of 11,760-11,790 in the first half of the session. The index resumed its upward trend in mid-afternoon trade and eventually crossed the 11,800-mark, closing at an all-time high of 11,814 (+173 points). The breadth of the market turned positive with price gainers outnumbering decliners by a wide margin of 143 to 59,” Asia said.

It also said foreigners recorded a net outflow of Rs. 41.3 million while their participation increased to 2.1% of turnover (previous day 1.7%). Net foreign buying topped in EXPO at Rs. 9 million and selling topped in LIOC at Rs. 31.4 million.

First Capital said the bourse thrived back to the green territory with a huge gain of 173 points, after back-to-back falls since the beginning of the week despite recording a turnover at a one-and-a-half-month low. Index gained more than 150 points within the first 10 minutes of the session as investors regained their confidence regardless of the ongoing macroeconomic concerns. Afterwards, the market moved on a positive note with slight volatility but traded in the green zone throughout the session. During the latter part of the session, the market reached an intraday high of 11,827. The market recovered and recorded another all-time closing of 11,814, gaining 173 points.

It said turnover was led by a joint contribution of 42% from the Energy sector and Food, Beverage and Tobacco sector.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Senkadagala Finance, LOLC Holdings and Lanka IOC.

It said high net worth and institutional investor participation was noted in Commercial Bank, Windforce and Chevron Lubricants. Mixed interest was observed in Expolanka Holdings, Browns Investments and Sunshine Holdings, whilst retail interest was noted in SMB Leasing non-voting, Industrial Asphalts and Lanka IOC.

The Energy sector was the top contributor to the market turnover (due to Lanka IOC), whilst the sector index gained 27.22%. The share price of Lanka IOC increased by Rs. 16 (32.59%) to close at Rs. 65.10.

The Food, Beverage and Tobacco sector was the second-highest contributor to the market turnover (due to Browns Investments and Sunshine Holdings), whilst the sector index increased by 0.72%. The share price of Browns Investments closed flat at Rs. 14. The share price of Sunshine Holdings recorded a gain of Rs. 3.30 (7.88%) to close at Rs. 45.20. Expolanka Holdings and hSenid Business Solutions were also included amongst the top turnover contributors. The share price of Expolanka Holdings gained Rs. 1 (0.27%) to close at Rs. 377.50. The share price of hSenid Business Solutions appreciated by Rs. 1.10 (5.19%) to close at Rs. 22.30.

CSE extends trading hours