Shares rise for fourth consecutive session

Saturday, 20 June 2020 00:07 - - {{hitsCtrl.values.hits}}

Turnover records over Rs. 1 b continuously for more than two weeks

Shares closed higher for a fourth straight session on Friday, driven by gains in tobacco and beverage stocks as well as telecom and turnover crossing Rs. 1 billion.

The CSE All Share Index rose 0.27% to 4,990.42, its highest close since mid-March. The index ended the week with a gain of 1.5%. Cigarette-maker Ceylon Tobacco Co. PLC drove the gains, rising 2.1%, while beverage maker Ceylon Cold Stores PLC jumped 3.7%.

A similar behaviour was also witnessed in the S&P SL20. High net worth and institutional investor participation was noted in Commercial Bank and Nations Trust Bank.

Mixed interest was observed in John Keells Holdings and Sampath Bank, whilst retail interest was noted in First Capital Holdings.

The market witnessed a sideways volatile movement till mid-day and hit its intraday low of 4,967, thereafter experienced an uptrend and reached its intraday high of 5,001 before closing at 4,990 gaining 13 points.

Parcel trades made in Commercial Bank and Nations Trust Bank (NTB) boosted the turnover for the session by 17%, First Capital said in its Daily Market Watch report.

Conglomerate Carson Cumberbatch PLC kept gains in check with a 7.6% drop, market data showed.

Foreign investors were net sellers, offloading about Rs. 375.3 million ($2.01 million) worth of shares, according to exchange data.

Trading volume fell to about Rs. 32 million, compared with Rs. 37.6 million in the previous session.

During the week the ASPI and S&P SL20 gained 1.54% and 4.94%, respectively, while recording an average daily turnover of Rs. 1.4 billion.