Robust start for CSE in new week

• Market turnover soars to near 2-month high aided by deal on Ambeon Capital 
• Net foreign inflows record highest value for year

The Colombo stock market yesterday began a fresh week on a robust note with high turnover and net foreign inflow.

The indices gained by 0.3% whilst the turnover amounted to Rs. 4.1 billion involving 364 million shares.

Asia Securities said the market commenced the week on a positive note with the ASPI continuing its upward trend for a fourth session.

Banking stocks ended mixed with SAMP (-2.6%) and COMBN (-3.3%) closing in the red and NDB (+3.8%) and DFCC (+5.0%) closing higher. Moreover, notable price gains were recorded by CFVF (+4.4%), CALT (+6.2%), MGT (+3.9%), and ALUM (+4.2%) during the session. HNB contributed the most to the ASPI (+15 points), followed by DFCC (+10 points), and NDB (+8 points) while SAMP (-16 points), COMB (-9 points) and BIL (-3 points) came in as the biggest laggards on the ASPI. The breadth of the market was positive with 98 price gainers and 73 decliners.

Turnover was driven by TAP (Rs. 1.6 billion) which was an internal transfer while off-board transactions in GHLL (Rs. 785 million) provided further support.

Foreigners recorded a net inflow of Rs. 765.7 million. Net foreign buying topped in TAP.N at Rs. 662.3 million and selling topped in HHL at Rs. 40.3 million.

First Capital said the bourse maintained its winning momentum, notching up its 4th consecutive day of gains, as the bullish brigade charged ahead and settled at 11,479, making a gain of 35 points during the day. The banking counters, comprising HNB, DFCC, and NDB, took the lead as the top 3 positive contributors shaping the index’s trajectory for the day, while blue-chip favourites including HAYL and MELS also left their mark among the top contributors of the day. Moreover, the hotel sector, led by AHPL, witnessed investor interest during the day, as tourist arrivals surpassed 600,000 in 1Q2024. Additionally, the diversified financial sector counter, CALT, also garnered investor interest throughout the day, fuelled by expectations of dividends following CFVF’s dividend. The Consumer Durables, Consumer Services, and Banking sectors combined forces to drive a significant 77% of the market turnover.

NDB Securities said high net worth and institutional investor participation was noted in Galadari Hotels, Sampath Bank and Lanka IOC. Mixed interest was observed in Hatton National Bank, First Capital Holdings and Capital Alliance whilst retail interest was noted in Ambeon Capital, SMB Leasing and Browns Investments.

The Consumer Durables and Apparel sector was the top contributor to the market turnover (due to Ambeon Capital) whilst the sector index gained 1.69%. The share price of Ambeon Capital increased by Rs. 1.50 to Rs. 8.80.

The Consumer Services sector was the second highest contributor to the market turnover (due to Galadari Hotels) whilst the sector index increased by 1.01%. The share price of Galadari Hotels gained Rs. 1.40 to Rs. 18.20.

Sampath Bank, Hatton National Bank and First Capital Holdings were also included amongst the top turnover contributors. The share price of Sampath Bank moved down by Rs. 2.10 to Rs. 77.90. The share price of Hatton National Bank recorded a gain of Rs. 1.25 to Rs. 181.25. The share price of First Capital Holdings appreciated by Rs. 1.50 to Rs. 35.90.