Stock market notches another positive week

The Colombo stock market survived a choppy day of sentiments to close Friday and the week on the up whilst investors were less active.

The All Share Price Index closed yesterday up 75 points or 0.6% and the S&P SL20 was higher by 41 points or nearly 1%.

Turnover amounted to Rs. 4.8 billion involving 314 million shares. On a weekly basis, the ASPI closed higher for the second consecutive week (+359.96 points or +3.16%) while the S&P SL20 ended positive for the fifth straight week with a gain of 179.04 points (+4.39%). Turnover averaged Rs. 7.46 billion, improving from Rs. 6 billion last week.

Asia Securities said after extending losses over the last two sessions, the market wrapped up the week on a positive note with the key indices returning to green territory amid recording a relatively moderate turnover as investors remained subdued ahead of the upcoming holiday season.

Recording a sharp gain of 4.1%, HAYL witnessed another upbeat session today and topped the turnover list generating Rs. 772 million of turnover followed by EXPO (Rs. 743 million) and BIL (Rs. 539 million).

“Following a 47-point gap up opening, the ASPI touched an intra-day low of 11,615 (-64 points) in the next few minutes, dragged by price declines in RCL, CALT and PACK. However, the index picked up sharply to an intra-day high of 11,824 on the back of price increases in HAYL, EXPO, and LOLC and consolidated within the range of 11,750-11,780 in the second half of the session. The breadth of the market remained negative with 74 stocks ending higher and 123 closing lower,” Asia said.

It also said foreigners recorded a net outflow of Rs. 49 million while their participation increased to 6.9% of turnover (previous day 2.2%). Net foreign buying topped in AHUN at Rs. 23.7 million and net selling topped in ABL.N at Rs. 32.2 million.

First Capital said the Bourse bounced back to the green territory amidst a bullish session despite recording a turnover at a one-and-a-half-month low.

“Index opened with a downturn hitting an intraday low of 11,610 within the half-hour into the market opening. However, shortly the index shot up with massive volatility giving rise to an intraday high of 11,831 as investors engaged in a bull rally. Subsequently, the index tailed off slightly but managed to remain high at a steady pace before closing for the day at 11,753,” First Capital added.

It said EXPO and LOLC counters were the major contributors to the ASPI and turnover was led by a joint contribution of 50% from the Capital Goods 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 Expolanka Holdings, LOLC Holdings and Senkadagala Finance.

It said high net worth and institutional investor participation was noted in Nestle Lanka, Royal Ceramics and Access Engineering. Mixed interest was observed in Hayleys, Expolanka Holdings and LOLC Holdings whilst retail interest was noted in SMB Leasing voting, SMB Leasing non-voting and Browns Investments.

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys and Access Engineering) whilst the sector index gained 1.28%. The share price of Hayleys increased by Rs. 5.25 (4.08%) to close at Rs. 134. The share price of Access Engineering recorded a gain of Rs. 2.60 (8%) to close at Rs. 35.10.

Food, Beverage and Tobacco sector was the second-highest contributor to the market turnover (due to Browns Investments and Nestle Lanka) whilst the sector index decreased by 0.32%. The share price of Browns Investments closed flat at Rs. 14. The share price of Nestle Lanka closed flat at Rs. 1,221.75. Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings gained Rs. 7.25 (1.95%) to close at Rs. 378.75.