Stock market gathers more momentum with Rs. 6.6 b turnover

• Expolanka rise persists with share price and market cap. at new high 
• YTD net foreign outflow crosses Rs. 35 b mark 

The Colombo stock market gathered further momentum yesterday with both indices and turnover gaining to new highs and Expolanka Holdings shining yet again though net foreign selling breached another billion mark. 

The All Share Price Index gained by near 1% or over 74 points and the S&P SL20 rose by 1.26% or over 38 points. Turnover amounted to Rs. 6.6 billion, up 62% from Rs. 4 billion on Monday.

Expolanka saw 24.3 million of its shares changing hands via 6,160 trades generating Rs. 1.88 billion turnover or 28% of the market’s total.

price gained by Rs. 6.20 or 8.5% to close at Rs. 79.60 after peaking to Rs. 80. It contributed over 27 points to ASPI’s gain. 

Expolanka’s market capitalisation rose further by Rs. 12 billion to Rs. 155.6 billion yesterday.

Net foreign selling rose yesterday to Rs. 491 million pushing the year to date net outflow figure to over Rs. 35 billion (over $ 175 million). According to Acuity Stockbrokers, Teejay Lanka yesterday saw most in foreign selling (Rs. 229.5 million) followed by JKH (Rs. 207 million).

First Capital said the Bourse settled in the green zone for the second consecutive day recording an index high of six months while turnover hit a nearly four-month high. 

“Index spiked since the beginning of the session till the first 20 minutes, then experienced a gradual downtrend during mid-day. Subsequently, the market rebounded and hit its intraday high at 8,239, before gaining 75 points while closing at 8,223,” Frist Capital added. 

It said turnover was supported by high retail participation led by the Transportation sector, followed by the Capital Goods sector, collectively accounting for a total contribution of 53%. 

Asia Securities said the ASPI commenced trading with a gap up of 64 points before witnessing a slight decline during early hours. The index subsequently regained ground to surpass the 8,200 level, supported by price gains in EXPO, LOLC and VONE while turnover continued at stronger levels on the back of higher HNI and retail activity in EXPO. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Expolanka Holdings, LOLC Holdings and Vallibel One.

It said high net worth and institutional investor participation was noted in John Keells Holdings, Teejay Lanka and Hayleys. Mixed interest was observed in Ceylon Grain Elevators, LOLC Holdings and Royal Ceramics, whilst retail interest was noted in Browns Investments, SMB Leasing nonvoting and Expolanka Holdings. 

Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), whilst the sector index gained 8.40%. 

Capital Goods sector was the second highest contributor to the market turnover (due to Royal Ceramics and Vallibel One), whilst the sector index increased by 2.02%. The share price of Royal Ceramics moved up by Rs. 1.60 (3.99%) to close at Rs. 41.70. The share price of Vallibel One appreciated by Rs. 4.20 (7.20%) to close at Rs. 62.50.

Browns Investments and Teejay Lanka were also included amongst the top turnover contributors. The share price of Browns Investments gained Rs. 0.10 (1.49%) to close at Rs. 6.80. The share price of Teejay Lanka recorded a gain of Rs. 1.50 (3.56%) closing at Rs. 43.60, whilst foreign holdings decreased by 5,263,584 shares.