Net foreign inflow continues; CSE sustains Rs. 2 b turnover level

The Colombo stock market yesterday marked the fourth consecutive day of Rs. 2 billion turnover along with net foreign inflow as bullish investor sentiment kept indices up.

The active S&P SL20 gained by 1.3% and the benchmark ASPI by 0.6%. Turnover was Rs. 2.12 billion involving 63.5 million shares. 

Asia Securities said following a subdued opening, the market regained footing in the second half as investors positioned themselves in banking stocks COMBN (+2.2%), PABC (+2.8%), HNBN (+3.5%), and NTBN (+2.8%). Furthermore, active buying was observed in CIC (+2.7%), LLUB (+3.2%), PLC (+1.8%), and AEL (+3.0%) during the session.

The ASPI dipped to a low of 11,528 (-20 points) in mid-day trading before bouncing back into positive territory, closing out the session at 11,625 (+77 points). 

SAMP (LKR 30mn). HNBN (+20 points), COMBN (+13 points), and MELS (+10 points) came in as the major index drivers of the session. The breadth of the market was positive with 89 price gainers and 74 losers.

Turnover was boosted by HAYL (Rs. 228mn), JKH (Rs. 125mn), and PABC (Rs. 125mn). 

Foreigners continued on the buying side generating a net inflow of Rs. 137mn led by JKH (Rs. 44mn) Net selling topped in HNB.X at Rs. 4.9mn.

First Capital said the bourse witnessed another day of gains for the 6th consecutive session easing on the green zone, gaining 77 points closing at 11,625. Despite the subdued sentiment during the first half, positive momentum was regained, largely driven by the Banking sector shares such as HNB and COMB alongside prominent Blue chip companies mainly, JKH, pushing the ASPI higher. 

Retail and HNW investors dominated market participation throughout the day whilst HAYL and JKH witnessed increased investor interest coupled with banking counters which aided the overall turnover to surpass the Rs. 2 Bn mark for the 4th consecutive session attributed by the Banking and Capital Goods sectors for a joint contribution of 55%. 

NDB Securities said high net worth and institutional investor participation was noted in

Hayleys, National Development Bank and John Keells Holdings. Mixed interest was observed in Commercial Bank, CIC Holdings and Pan Asia Banking Corporation whilst retail interest was noted in Sierra Cables, People’s Leasing & Finance and Browns Investments. 

The Banking sector was the top contributor to the market turnover (due to Pan Asia Banking Corporation and Commercial Bank) whilst the sector index gained 1.66%. The share price of Pan Asia Banking Corporation moved up by 60 cents to Rs 22.10. The share price of Commercial Bank recorded a gain of Rs 2.10 to Rs 96.90.

The Capital Goods sector was the second highest contributor to the market turnover (due to Hayleys and John Keells Holdings) whilst the sector index increased by 0.47%. The share price of Hayleys increased by 40 cents to Rs 86. The share price of John Keells Holdings gained Rs 1.50 to Rs. 198.50.

CIC Holdings was also included amongst the top turnover contributors. The share price of CIC Holdings appreciated by Rs 2 to Rs. 75.50.