Upward momentum continues at CSE as ASPI crosses 6,500 points level

Wednesday, 9 December 2020 00:20 - - {{hitsCtrl.values.hits}}

The upward momentum at the Colombo Stock Market continued with indices gaining sharper to cross the 6,500 points level amidst higher turnover.

The All Share Price Index (ASPI) gained by 90 points or 1.4% to end at 6,564 points. Year-to-date the ASPI is up 7%. The S&P SL20 Index jumped up 2.3% or 60 points. Turnover was Rs. 4.23 billion, breaking the Rs. 4 billion barrier after three consecutive days of Rs. 3 billion level.

First Capital said the market bulldozed pass the 6,500 mark after two years and seven months, while recording the highest intraday gain nearly after a month.

It said Capital Goods sector led the Rs. 4 billion plus turnover, followed by Food and Beverage and Banking sectors making a joint contribution of 68%.

“Index experienced a continuous uptrend since the beginning of the session and closed at 6,564 with a massive gain of 90 points,” First Capital added.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Hatton National Bank (HNB), Browns Investments and HNB Finance.

It said high net worth and institutional investor participation was noted in Commercial Bank, DFCC Bank and Dialog Axiata. Mixed interest was observed in John Keells Holdings (JKH), Royal Ceramics and Hemas Holdings, whilst retail interest was noted in Browns Investments, Expolanka Holdings and HNB.

Capital Goods sector was the top contributor to the market turnover (due to JKH and Royal Ceramics), whilst the sector index gained 1.96%. The share price of JKH gained Rs. 0.80 (0.53%), closing at Rs. 152.00, whilst foreign holdings decreased by 556,997 shares. The share price of Royal Ceramics moved up by Rs. 3.90 (2.52%), to close at Rs. 158.60.

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 1.00%. The share price of Browns Investments increased by Rs. 0.20 (7.14%), to close at Rs. 3.00.

Commercial Bank and DFCC Bank were also included amongst the top turnover contributors. The share price of Commercial Bank recorded a gain of Rs. 1.10 (1.32%) to close at Rs. 84.50. The share price of DFCC Bank appreciated by Rs. 1.20 (1.81%), to close at Rs. 67.60.