CSE sustains positive momentum to gain to five-month high

The Colombo stock market yesterday sustained its new found momentum marking eighth consecutive day of gains with healthy turnover fuelled by retailers. 

Both indices gained by over 1%, and turnover was Rs. 1.97 billion involving 95.7 million shares.

Asia Securities said the market continued its upward momentum for an eighth consecutive session boosted by high retail activity in banking counters. The ASPI surged past the 11,200 and trended upwards through the session with HNBN (+3.8%), DFCC (+2.0%), PABC (+3.0%), and SAMP (+1.3%) leading the way. Moreover, SUN (+2.3%), BIL (+1.8%), HHL (+2.6%), CFVF (+2.7%), and SPEN (+3.9%) supported the index during the session. 

HNB (+18 points), MELS (+10 points), and SPEN (+10 points) were the key index drivers during the session while LOLC (-4 points) ended as the biggest laggard on the ASPI. The breadth of the market remained positive with 101 price gainers and 84 

decliners.

Turnover was led by HAYL (Rs. 180mn), MGT (Rs. 105mn), and SUN 

(Rs. 101mn).

Foreigners recorded a net outflow of 

Rs. 40.2mn. Net foreign buying topped in SAMP.N at 

Rs. 14.1mn and selling topped in CCS at 

Rs. 42.7mn.

First Capital said the ASPI continued its upward momentum for the 8th consecutive day and registered a new 5 month high of 11,287 gaining 112 points. Selected Banking sector shares namely, HNB and SAMP alongside Blue chip companies contributed positively as it aided the index to remain in the green zone. 

Increased participation continued to be seen on the market with High net worth investors dominating 12% of the market turnover through multiple off board transactions. On Notable transactions that took place during the day, SUN recorded a stake change of 0.3% totalling to 1.5Mn shares at Rs. 58 followed by HNB, HAYL etc. 

In terms of turnover the majority was contributed by Capital Goods and Banking sectors for a joint contribution of 45%. 

NDB Securities said high net worth and institutional investor participation was noted in Sunshine Holdings, Hatton National Bank and Hayleys. Mixed interest was observed in LOLC Finance, Hayleys Fabric and Browns Investments whilst retail interest was noted in Co-Operative Insurance Company, Marawila Resorts and SMB Leasing. 

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys) whilst the sector index gained 1.04%. The share price of Hayleys increased by Rs. 2.20 to 

Rs 85.30.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank) whilst the sector index increased by 1.41%. The share price of Hatton National Bank appreciated by Rs. 6 to Rs 166.

Hayleys Fabric, Sunshine Holdings and LOLC Finance were also included amongst the top turnover contributors. The share price of Hayleys Fabric lost 40 cents to Rs. 40.50. The share price of Sunshine Holdings moved up by Rs. 1.30 to Rs. 58.90. The share price of LOLC Finance gained by 10 cents to Rs. 6.