Stock market rebounds

Thursday, 22 April 2021 01:17 - - {{hitsCtrl.values.hits}}

The Colombo stock market bounced back yesterday after three consecutive negative sessions as investors returned to buying mode on improved sentiments.

The All Share Price Index gained by 1% or 78 points and the S&P SL20 gained by 0.7% or near 22 points. Turnover was Rs. 3 billion involving 129 million shares.

First Capital said the Bourse ended in a positive monotonic trend after three consecutive sessions played in the negative regime. “The index exhibited significant volatility during the early hours of trading and witnessed a continuous uptrend towards the latter part of the session to close at 7,433, gaining 78 points,” First Capital added. It said the Banking sector led the turnover closely followed by the Food, Beverage and Tobacco sector, with a joint contribution of 44%.

Asia Securities said that following an initial wave pattern, the indices bounced back strongly to partially recover their losses from the previous session.

“Actively traded counters such as BIL, DIPD and LOLC witnessed price gains. Turnover remained healthy, driven by retail and HNI activity,” it added.

NDB Equities said the ASPI closed in green as a result of price gains in counters such as Browns Investments, LOLC Holdings and Lion Brewery.

It said high net worth and institutional investor participation was noted in Hatton National Bank and Nestle. Mixed interest was observed in Sampath Bank, Dipped Products and Hayleys, whilst retail interest was noted in Expolanka Holdings, LOLC Holdings and Browns Investments.

The Banking sector was the top contributor to the market turnover (due to HNB), whilst the sector index edged down by 0.08%. The share price of HNB gained Rs. 0.50 (0.38%) to close at Rs. 132.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments), whilst the sector index increased by 1.07%. The share price of Browns Investments increased by Rs. 0.30 (4.92%) to close at Rs. 6.40.

Hayleys, Dipped Products and LOLC Holdings were also included amongst the top turnover contributors. The share price of Hayleys moved up by Rs 1.70 (2.22%) to close at Rs. 78.40. The share price of Dipped Products recorded a gain of Rs. 2.20 (3.96%) to close at Rs. 57.70. The share price of LOLC Holdings appreciated by Rs. 8 (2.49%) to close at Rs. 329.50.

Foreigners recorded a net outflow of Rs. 87.3 million. Asia Securities said estimated net foreign buying topped in Keells Hotels at Rs. 30 million and net foreign selling topped in NEST at Rs. 40 million.