CSE remains bullish with active investor participation

The Colombo stock market remained bullish yesterday with both indices enjoying gains amidst healthy turnover. 

The active S&P SL20 gained by 1.16% and the benchmark ASPI by 0.9%. Turnover was Rs. 1.88 billion involving 89 million shares.

Asia Securities said the indices continued their upward momentum led by banking sector counters DFCC (+4.8%), NDB (+3.1%), NTBN (+1.9%), COMBN (+0.6%), PABC(+3.4%) and HNBN (+2.0%). HELA (+17.6%), WAPO (+2.9), VONE (+2.6%), CFIN (+5.0%), VFIN (+3.8%), SUN (+1.7%), and LIOC (+2.8%) recorded sizeable gains during the session supported by steady investor buying. 

HNB (+10 points), DFCC (+10 points), and SAMP (+8 points) came in as the biggest index movers for the day. Overall, 119 stocks recorded price gains while 68 settled with losses

Turnover was led by HELA (Rs. 146 million), WAPO (Rs. 114 million), and NDB (Rs. 308 million). 

Foreigners recorded a net outflow of Rs. 25.2 million. Net foreign buying topped in HAYL at Rs. 5.4 million and selling topped in NTB.N at Rs. 10.8 million.

First Capital said the bourse ended in the green zone continuing from yesterday’s positive movement after CBSL decided to cut policy rates by 50bps at yesterday’s monetary policy review. ASPI saw its upward trend continuing from yesterday at the start of the session and further continued it till the end, with banking and blue-chip counters leading the way. 

The index ended at 11,434, a 99 point increase from yesterday. The largest positive contributors were HNB, DFCC and SAMP, whilst the largest negative contributors were LHCL, LLUB and HAYL.

A large majority of the turnover was contributed by the retail market, showing a promising increase in investor participation.  NDB Securities said high net worth and institutional investor participation was noted in Galle Face Capital Partners, LOLC Holdings and John Keells Holdings. Mixed interest was observed in

Hela Apparel Holdings, Sampath Bank and Pan Asia Banking Corporation whilst retail interest was noted in Browns Investments, LOLC Finance and Lanka Credit and Business Finance Ltd. 

The Diversified Financials sector was the top contributor to the market turnover (due to Galle Face Capital Partners and LOLC Holdings) whilst the sector index gained 1.22%.

The share price of Galle Face Capital Partners gained 80 cents to Rs. 28.30. The share price of LOLC

Holdings moved down by 75 cents to Rs. 400.75.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank) whilst the sector index increased by 1.65%. The share price of Sampath Bank appreciated by Rs. 1.10 to Rs. 79.90.

Hela Apparel Holdings and John Keells Holdings were also included amongst the top turnover contributors. The share price of Hela Apparel Holdings increased by 90 cents to Rs. 6. The share price of John Keells Holdings recorded a gain of Rs. 1.50 to Rs. 192.