CSE closes on the up

The Colombo stock market yesterday closed on the up with both indices turning positive amidst moderate turnover.

The benchmark ASPI gained by 55 points or 0.5% and the active S&P SL20 inched up by 1.7 points. Turnover was Rs. 1.3 billion involving 46.8 million shares. Foreigners remained net sellers. 

Asia Securities said the ASPI closed out the day on a positive note with sharp price increases in HAYL (+4.3%), ACL (+3.7%), GRAN (+3.6%), VPEL (+3.4%) and RCL (+3.0%). Notably, LLUB (+5.9%) saw a sharp gain for the day driven by the company’s dividend announcement. However, NDB (-1.5%), JKH (-0.9%) and NTB (-1.7%) closed in red. 

HAYL (+9 points) came in as the biggest index mover, followed by LLUB (+7 points), and VONE (+5 points). However, MELS (-6 points) ended as the biggest laggards on the ASPI. The breadth of the market was positive with 102 price gainers and 68 decliners.

Turnover was led by LLUB (Rs. 107 million), HHL (Rs. 91 million), and HAYL (Rs. 78 million).

Foreigners recorded a net outflow of Rs. 93.9 million. Net foreign buying topped in LIOC at Rs. 20.8 million and selling topped in HHL at Rs. 75 million.

First Capital said the bourse closed in the green as investor participation improved further. ASPI continued its upward trend for yet another day recording an improvement of 55 points to close the day at 10,678. Interest in Tile sector counters continued: notably on RCL and TILE. 

The main positive contributors to the index were HAYL, LLUB and VONE whilst the largest negative contributors to the index were MELS, JKH and COMB. LLUB witnessed heightened interest during the day following its excellent results reported for 4Q2023 whilst interim dividend announcement of Rs. 8 per share also aided towards the improved sentiment. 

Turnover was 18% lower than the month’s average. Majority of the market turnover was contributed by the retail market showing a promising increase of retail participation in the stock market. 

NDB Securities said high net worth and institutional investor participation was noted in Hemas Holdings, Hatton National Bank and Ceylon Cold Stores. Mixed interest was observed in Chevron Lubricants, Hayleys and Royal Ceramics whilst retail interest was noted in Vallibel Power Erathna, Browns Investments and Blue Diamonds Jewellery Worldwide. 

The Capital Goods sector was the top contributor to the market turnover (due to Hemas Holdings, Hayleys and Royal Ceramics) whilst the sector index gained 0.52%. The share price of Hemas Holdings gained 50 cents to Rs. 75. The share price of Hayleys moved up by Rs. 3.40 to Rs. 82. The share price of Royal Ceramics recorded a gain of 90 cents to close at 

Rs. 30.90.

The Materials sector was the second highest contributor to the market turnover (due to Chevron Lubricants) whilst the sector index increased by 2.91%. The share price of Chevron Lubricants increased by Rs. 5.80 to Rs. 104.

Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings closed flat at Rs. 146.