Stock market up for fifth consecutive day

Wednesday, 20 May 2020 02:18 - - {{hitsCtrl.values.hits}}

The Colombo Bourse sustained its upward momentum for the fifth consecutive market day yesterday thanks to continued buying on improved investor sentiments. The ASPI increased by 2.04% or 94.18 points to close at 4,701.03 points, while the S&P SL20 Index also increased by 2.11% or 38.94 points to close at 1,886.65.

Market turnover increased by 11.6% relative to Monday to amount to Rs. 1.2 billion while the crossings for the day amounted to 13.5% of the day’s total turnover, Acuity Stockbrokers said. First Capital said bourse ended in the positive territory for the 5th consecutive session predominantly due to the price gains in John Keells Holdings (JKH) and subsidiary Ceylon Cold Stores (CCS).

The ASPI reached its intraday high of 4,761 within the first hour of trading and later decreased at a continuous rate and closed at 4,701, gaining 94 points. Turnover was boosted by the parcel trades made in Commercial Bank, Sampath Bank, and Expolanka Holdings while witnessing a high domestic participation in the market, First Capital added.

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, JKH and Sampath Bank. Mixed interest was observed in Dialog Axiata, Expolanka Holdings and Hatton National Bank whilst retail interest was noted in Hayleys Fabric and Browns Investments.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Sampath Bank and Hatton National Bank) whilst the sector index gained 1.86%. The share price of Commercial Bank increased by Rs. 1.50 (2.67%) to close at Rs. 57.60. The share price of Sampath Bank moved up by Rs. 2.40 (2.13%) to close at Rs. 115.00. The share price of Hatton National Bank recorded a gain of 30 cents (0.31%) to close at Rs. 96.10.

Capital Goods sector was the second highest contributor to the market turnover (due to JKH) whilst the sector index increased by 2.40%. The share price of John Keells Holdings gained Rs. 5.30 (6.02%) to close at Rs. 93.40. Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings closed flat at Rs. 2.50.

Foreigners remained active closing as net sellers. Total foreign sales accounted for 46.1% of the turnover. Acuity said foreign net outflow was Rs. 469.3 million compared to an outflow of Rs. 342 million on Monday.