Stock market turnover soars to cross Rs. 5 b mark

Thursday, 8 April 2021 03:27 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday saw old lustre as turnover topped Rs. 5 billion mark. The All Share Price Index gained by 30 points or 0.4% and S&PSL20 improved by over 20 points or 0.7%. Turnover at Rs. 5.16 billion was a two-month high.

First Capital said the Bourse sustained its drive in the positive direction for the fifth consecutive

session while recording a one-month high. “Index experienced a rapid upward movement during the early hours of trading, thereafter recorded a sideways movement during the mid-day session followed by a downward trend towards the latter part of the session,” First Capital said.

The market closed at 7,310 gaining 30 points. Banks led the turnover for the session followed by the Capital Goods sector making a joint contribution of 65%. Parcel trades boosted the turnover by aiding 36% to the turnover, it added.

Asia Securities said turnover reached a two-month high, excluding significant transactions, supported by improving retail participation and crossings in HNB worth Rs. 1.7 billion. The indices witnessed strong gains, but saw some consolidation later on as investors cashed in on recent price appreciation, Asia added.

NDB Securities said indices closed in green as a result of price gains in counters such as LOLC Holdings, Melstacorp and Hatton National Bank.

It said high net worth and institutional investor participation was noted in Hatton National Bank, Expolanka Holdings and Haycarb. Mixed interest was observed in Royal Ceramics, LOLC Holdings and Lanka Walltiles, whilst retail interest was noted in Dipped Products, Hayleys and Vallibel One.

The banking sector was the top contributor to the market turnover (due to Hatton National Bank) whilst the sector index gained 0.59%. The share price of Hatton National Bank increased by Rs. 4 (3.17%) to close at Rs. 130.25.

Capital Goods sector was the second highest contributor to the market turnover (due to Royal Ceramics and Hayleys) whilst the sector index increased by 0.68%. The share price of Royal Ceramics moved up by Rs. 14 (4.64%) to close at Rs. 315.75. The share price of Hayleys recorded a loss of Rs. 0.80 (1.08%) to close at Rs. 73.20.

Dipped Products and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Dipped Products gained Rs. 1.80 (3.37%) to close at Rs. 55.20. The share price of Expolanka Holdings appreciated by Rs. 0.30 (0.64%) to close at Rs. 47.40.

Net foreign selling was Rs. 121.5 million increasing the year to date figure to Rs. 18.7 billion. Estimated net foreign buying topped in DIPD at Rs. 9.8 million and net foreign selling topped in SAMP at Rs. 67.3 million.