Positive start for February at CSE

Thursday, 2 February 2023 02:05 - - {{hitsCtrl.values.hits}}

The Colombo Stock Market began February on a positive note with both indices up and net foreign inflow though activity levels were low.

The active S&P SL20 gained by 1.27% and the benchmark ASPI by 0.96%. Turnover was Rs. 1.5 billion involving 60.2 million shares. The market gained by over 4% in January.

Net foreign inflow amounted to Rs. 245 million yesterday (with Rs. 206 million net buying into JKH) boosting the year-to-date figure to Rs. 658.3 million.

Asia Securities said following two sessions of downward movement, the indices returned to positive territory on Wednesday on the back of price gains in EXPO (+4.3%), AAIC (+3.1%), TKYOX (+2.6%), COMB (+5.2%), BIL (+1.5%) and AGAL (+11.8%). However, LIOC (-1.5%), LOFC (-4.3%), CFVF (-3.0%), CALT (-2.7%), and SAMP (-0.9%) closed in red.

The ASPI moved upwards throughout the session to close at 8,950 (+85 points or 1.0%) while the S&P SL20 index ended at 2,800 (+35 points or +1.3%).

Turnover was led by JKH (Rs. 239 million), AAIC (Rs. 176 million), and LIOC (Rs. 164 million).

COMB (+24 points), EXPO (+18 points), and CINS (+13 points) were the top contributors to the ASPI. The breadth of the market was positive with 101 price gainers and 68 decliners.

First Capital said the bourse edged up and managed to settle in the green zone as investor interest continued in the Insurance and Banking sectors which led the market to move up.

On the back of speculation floating among investors on resumption of share buybacks from SG holdings on EXPO, the counter supported the ASPI to move on an uptrend. Accordingly, the index started on an uptrend and continued to trade positively while closing the day at 8,950, gaining 85 points.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings. Mixed interest was observed in Softlogic Life Insurance, Lanka IOC, and Expolanka Holdings whilst retail interest was noted in Softlogic Capital, Industrial Asphalts and SMB Leasing nonvoting.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 0.56%. The share price of John Keells Holdings increased by 50 cents to Rs. 140.

The Insurance sector was the second highest contributor to the market turnover (due to Softlogic Life Insurance) whilst the sector index increased by 2.56%. The share price of Softlogic Life Insurance gained Rs. 3.75 (3.11%) to Rs. 124.25.

Lanka IOC, Expolanka Holdings and Softlogic Capital were also included amongst the top turnover contributors. The share price of Lanka IOC moved down by Rs. 3 (1.45%) to Rs. 203.25. The share price of Expolanka Holdings recorded a gain of Rs. 8 (4.31%) to Rs. 193.75. The share price of Softlogic Capital appreciated by 10 cents to Rs. 16.