Stock market stays resilient

Friday, 16 October 2020 03:43 - - {{hitsCtrl.values.hits}}

The Colombo Stock Market remained resilient yesterday with price indices up and turnover at a healthy Rs. 3.5 billion after two days produced over Rs. 10 billion of turnover.

Acuity Stockbrokers said the Bourse ended on a positive note as the ASPI increased by 0.51% or 29.87 points to close at 5,920 points, while the S&P SL20 Index also increased by 0.82% or 19.31 points to close at 2,366.14. Top contributors to ASPI gain were JKH (up Rs. 2.10 to Rs. 134), Expolanka and Hayleys which shot up by Rs. 32.20 to close at Rs. 351.70. Among other most traded stocks were Panasian Power (28 million shares), Piramal Glass (20.8 million shares) whilst in terms of value, other dominant stocks were Kelani Tyres (Rs. 307.7 million) and Alumex (Rs. 180.4 million)

Latest star Expolanka Holdings bounced back yesterday after a slip on Wednesday, accounting for 18% of the turnover with Rs. 633 million. Expolanka share price increased by Rs. 1.30 (7.83%) to close at

Rs 17.90.

First Capital said the Bourse remained resilient, sustaining the drive in the positive direction for the second consecutive session. It said material counters led the three billion plus turnover, closely followed by Transportation and Capital Goods counters making a joint contribution of 60%.

“The index recorded a downtrend during the early hours of trading, as it hit its intraday low of 5,897. Later the market recorded a stair-stepping movement and closed at 5,920 gaining 30 points,” First Capital added.

Asia Securities said “Activity was slow during the first half of the day, however it picked up towards the latter end of the day, due to retail participation in the mid-cap stocks. Stocks, particularly in the manufacturing sector moved during the day.”

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

It said mixed interest was observed in Expolanka Holdings, Kelani Tyres and Alumex, whilst retail interest was noted in Piramal Glass, Royal Ceramics and Pan Asia Banking Corporation.

Materials sector was the top contributor to the market turnover (due to Alumex and Piramal Glass), whilst the sector index gained 1.84%. The share price of Alumex moved up by Rs. 0.60 (2.86%) to close at Rs. 21.60. The share price of Piramal Glass recorded a loss of Rs 0.80 (9.09%) to close at Rs 8.00.

Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 7.79%. The share price of Kelani Tyres and Royal Ceramics were also included amongst the top turnover contributors. Furthermore, the share price of Kelani Tyres gained Rs. 8.00 (10.31%) to close at Rs. 85.60, whilst the share price of Royal Ceramics appreciated by Rs. 8.80 (6.98%) to close at Rs. 134.90.

Acuity also said foreign investors recorded a net outflow of Rs. 29.6 million compared to a net outflow of Rs. 809.8 million on Wednesday.

Separately, Dilmah Ceylon Tea Company announced a final dividend of Rs 5.00 per share.