The Colombo stock market remained buoyant yesterday ahead of the Budget 2022 presentation today, with the benchmark index gaining amidst high turnover.

The All Share Price Index gained by 164 points or 1.56% with illiquid LOLC Group stocks among the top five contributors to the ASPI›s gain. However the more active S&P SL20 index was down by seven points. 

Turnover amounted to Rs. 6.88 billion with 347.5 million shares traded.

Asia Securities said the indices ended mixed with the ASPI continuing its upward trajectory on the back of price gains in CLC, LOFC and LOLC while the S&P SL20 index edged lower after holding steady for most of the session.

Turnover improved from Wednesday’s Rs. 5.7 billion led by activity in LOFC (Rs. 1.9 billion).

“The ASPI commenced the session on an upbeat note surpassing the 10,600 mark with a 107-point gap up and reached 10,630 before witnessing an immediate pullback to 10,587. Picking up quickly, the index saw a surge to 10,695 (+172 points), followed by a gradual decline to 10,623 in mid-afternoon trade. The ASPI resumed its uptrend again in the closing hours to surpass the 10,700 level and reached an intra-day high of 10,765 (+ 242 points) before settling at a record closing high of 10,686,” Asia said.

It added that price movements in CLC (+6.7%), LOFC (23.4%) and LOLC (3.5%) weighed on the ASPI throughout the session and collectively contributed 146 points to the index’s gain. Overall, 109 stocks ended with gains while 84 closed lower.

Asia also said foreigners recorded a net outflow of Rs. 10.4 million while their participation increased to 1.2% of turnover (previous day 0.7%). Net foreign buying topped in BFL at Rs. 12.6 million and net selling topped in LOLC at Rs. 16.4 million followed by NEST at Rs. 16 million.

First Capital said the bourse strongly closed the session in the green zone. “The index opened on an upbeat note and traded positively as optimistic investors accelerated their buying spree. Following a dip during midday, index pumped up to an intraday high of 10,783 before closing the day at 10,686,” First Capital added.

It said turnover was led by the Diversified Financials sector, followed by the Food, Beverage & Tobacco sector, accounting for a joint contribution of 67%.

NDB Securities said high net worth and institutional investor participation was noted in Sampath Bank, Aitken Spence Hotel Holdings and Renuka Holdings. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Agalawatte Plantations, whilst retail interest was noted in Lanka Orix Finance, Browns Investments and Shaw Wallace Investments.

The Diversified Financials sector was the top contributor to the market turnover (due to Lanka Orix Finance, Shaw Wallace Investments and LOLC Holdings) whilst the sector index gained 5.76%. The share price of Lanka Orix Finance increased by Rs. 4.70 (23.38%) to close at Rs. 24.80. The share price of Shaw Wallace Investments moved up by Rs. 1.10 (10.89%) to close at Rs. 11.20. The share price of LOLC Holdings appreciated by Rs. 23.25 (3.52%) to close at Rs. 683.75.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index increased by 1.65%. The share price of Browns Investments gained 30 cents (2.63%) to close at Rs. 11.70.

Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings recorded a loss of Rs. 3 (1.50%) to close at Rs. 197.25.

Separately Sunshine Holdings and Piramal Glass announced their interim dividends of 50 cents and 25 cents per share respectively.

 

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