Stock market notches one of best day gains with Rs. 181 m net foreign inflow

Tuesday, 1 March 2022 03:10 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday produced one of its best performances with both indices up over 4% amidst improved turnover as investors reverted to buying mode.

The All Share Price Index gained by 4.23% or 470 points and the S&P SL20 jumped by 5.46% or 204 points. Turnover was Rs. 4.3 billion involving 212 million shares.

Asia Securities said the market commenced the week on an upbeat note as the indices moved sharply higher for the second consecutive session largely boosted by double-digit gains in EXPO (+13.0%), LOLC (+10.6%), BIL (+12.5%), RCL (+10.0%), LOFC (+11.3%) and AAIC (+22.8%).

Continuing its rebound rally, the ASPI breached the 11,500 level and posted its biggest single-day gain (+470 points or +4.2%) surpassing its previous record of 451 points scaled on Friday (25) while the S&P SL20 index also ended with a sharp 195-point gain (+5.20) as retail and HNI investors positioned themselves in index-heavy counters at relatively lower prices.

Asia said foreigners returned to the buying side with a net inflow of Rs. 181 million led by net buying in EXPO (Rs. 193 million), DIAL (Rs. 36 million) and JKH (Rs. 25 million).

EXPO generated the highest turnover for the session (Rs. 1,076mn). The breadth of the market remained strong with 177 price gainers and 42 decliners.

First Capitals said the Bourse constantly closed the session in the green territory while hitting another record-breaking intraday gain for the second consecutive day although turnover remained low.

Following a short fall, index gradually picked up and continued to follow the phase till the end of the session. As investor confidence slightly transited to the positive side amidst global uncertainties showing signs of settling off with Ukraine-Russia negotiations, the market recovered 62.3% of the previous week’s losses since last Friday while closing the day at 11,578, gaining 470 points. Turnover was investors turned net buyers while recording low participation.

NDB Securities said high net worth and institutional investor participation was noted in Royal Ceramics, Hayleys and Commercial Bank. Mixed interest was observed in Expolanka Holdings, Commercial Leasing & Finance and LOLC Holdings, whilst retail interest was noted in Browns Investments and LOLC Finance.

Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), whilst the sector index gained 12.96%. The share price of Expolanka Holdings increased by Rs. 34 (12.99%) to close at Rs. 295.75.

Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Finance, Commercial Leasing & Finance and LOLC Holdings), whilst the sector index gained by 7.33%. The share price of LOLC Finance recorded a gain of Rs. 2.40 (11.32%) to close at Rs. 23.60. The share price of Commercial Leasing & Finance appreciated by Rs. 3.10 (6.92%) to close at Rs. 47.90. The share price of LOLC Holdings appreciated by Rs. 95.50 (10.62%) to close at Rs. 994.75.

Browns Investments was also included amongst the top turnover contributors. The share price of Browns Investments gained Rs. 1.40 (12.50%) to close at Rs. 12.60.

Separately Keells Food Products and Lanka Tiles announced their interim dividends of Rs. 7 and Rs. 1.80 per share respectively whilst Union Assurance announced a first and final dividend of Rs. 22 per share.