Stock market turns positive

Wednesday, 17 June 2020 02:07 - - {{hitsCtrl.values.hits}}

The Colombo stock market saw a welcome return to positive sentiment with both indices up with Rs. 1 billion turnover.

First Capital said Bourse ended in the positive territory reversing the impact seen in the past three sessions with the Banking counters recording 71% of the turnover while COMB and HNB contributed significantly.

It said ASPI was uplifted predominantly due to the price gains in JKH and SAMP.

“The index gradually moved upwards within the first hour of trading, thereafter experienced a sideway volatile movement and reached its intraday high of 4,941 during mid-day. Later market moved on a downtrend and hit its intraday low of 4,909 before closing at 4,916 gaining 8 points,” First Capital said. The parcel trades made in COMB and HNB boosted the turnover for the session.

First Capital said market witnessed a net foreign outflow while recording high participation whilst NDB Securities added foreigners remained active closing as net sellers. Total foreign sales accounted for 51.3% of the turnover.

NDB Securities also said the ASPI edged up as a result of price gains in counters such as John Keells Holdings, Sampath Bank and Dialog Axiata. The S&P SL20 closed in green with a 1.5% gain.

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank and Hatton National Bank.

Mixed interest was observed in John Keells Holdings and LOLC Holdings whilst retail interest was noted in Tokyo Cement Company.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Hatton National Bank and Hatton National Bank nonvoting) whilst the sector index gained 1.20%. The share price of Commercial Bank increased by Rs. 0.80 (1.18%) to close at Rs. 68.80.

The share price of Hatton National Bank gained Rs. 0.70 (0.70%) to close at Rs. 100.50. The share price of Hatton National Bank nonvoting moved down by Rs. 0.10 (0.13%) to close at Rs. 75.00.

Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 1.77%. The share price of John Keells Holdings recorded a gain of Rs. 4.00 (3.52%) to close at Rs. 117.60.

LOLC Holdings was also included amongst the top turnover contributors. The share price of LOLC Holdings appreciated by Rs. 1.10 (0.93%) to close at Rs. 119.70.