CSE stays up amidst mega deal on HNB

Wednesday, 28 May 2025 00:04 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday stayed on the up amidst a mega deal on 9.9% HNB voting shares-stake which propelled turnover to nearly Rs. 19 billion.

The benchmark ASPI gained by 1% and the active S&P SL20 by 1.5%. Turnover was Rs. 18.7 billion involving 245 million shares. The market also saw net foreign inflow.

First Capital said the index saw a sharp rise during early trading, experienced a brief dip, and regained momentum to finish firmly in the green. HNB emerged as the top contributor to the day’s performance, followed by MELS, CTHR, CARG, and COMB. Investor sentiment remained strong, fuelled largely by heightened participation from HNW individuals. Interest from HNW investors was particularly prominent in HNB and other Banking sector counters. Market turnover surged primarily driven by the divestment of a 9.99% stake in HNB by BIL through nine off-board transactions totalling to 45.9 million shares at Rs. 305. The Banking sector dominated trading, accounting for 81% of total turnover, while the Capital Goods, and Food, Beverage and Tobacco sectors collectively contributed 10%.

Asia Securities said the indices closed in green primarily led by banks and heavyweight counters. Notable price increases in CBNK (+5.8%), HNBN (+5.7%), PABC (+2.9%), and NDB (+1.7%) were recorded during the session. Moreover, WATA (+5.0%), BIL (+2.5%), MELS (+1.6%), and LOLC (+1.6%) closed in green, leading to a broad-based rally during the session. HNBN (+44 points), MELS (+11 points), and CTHR (+10 points) came in as the major index movers for the day. The market breadth was positive with 124 price gainers and 101 decliners.

Foreigners recorded a net inflow of Rs. 203.8 million. Net foreign buying topped in DIAL at Rs. 137.4 million and selling topped in SAMP.N at Rs. 43.6 million.

NDB Securities said mixed interest was observed in Sampath Bank, LOLC Holdings and Aitken Spence whilst retail interest was noted in Browns Investments, Dialog Axiata and Lanka Credit and Business Finance.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Cargills Bank) whilst the sector index gained 2.08%. The share price of Hatton National Bank increased by Rs. 17.25 to Rs. 319.50. The share price of Cargills Bank moved up by 50 cents to Rs. 9.10.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments and Melstacorp) whilst the sector index increased by 0.40%. The share price of Browns Investments gained 20 cents to Rs. 8.20.

The share price of Melstacorp appreciated by Rs. 2.25 to Rs. 147.25.

Dialog Axiata was also included amongst the top turnover contributors with its share price closing flat at Rs. 17.

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