Stock market remains positive; turnover hits nine-week high of Rs. 4 b

The Colombo stock market remained strong with both indices up and turnover hitting a nine-week high.

The All Share Price Index gained by 18 points or 0.23% and the S&P SL20 improved by seven points or 0.23%. Turnover was Rs. 3.95 billion involving 166 million shares with multiple deals in WindForce, which accounted for 50% of turnover. First Capital said the Bourse settled in the green territory fuelling a bullish outlook for the third straight day while posting the highest turnover in nine weeks. 

“Index swiftly steered up within the first 30 minutes of trading reaching an intraday high of 7,681 and thereafter, gradually veered down hitting an intraday low of 7,651 during mid-day. Later, index moved sideways while closing at 7,659, gaining 18 points,” First Capital said. 

It said turnover was led by the Utilities sector accounting for 50%. Foreign investors turned net buyers worth Rs. 633 million. 

Asia Securities said the ASPI reached an intra-day high of 7,679 (+38 points) following the opening of the market, before witnessing a gradual decline. However, the index stabilised in the range of 7,655-7,670 levels and closed in green for the third consecutive day. 

It said foreign buying in WIND through block trades boosted activity to reach a two-month high. 

The Utilities, Transportation, Materials and Capital Goods sectors led activity, collectively accounting for 83.9% of turnover. 

Foreigners recorded a net inflow of Rs. 632.6 million while their participation declined to 9.3% of turnover (previous day 15.7%). Estimated net foreign buying topped in WIND at Rs. 636.8 million and net foreign selling topped in BFL at Rs. 4.5 million.  NDB Securities said the ASPI closed in green because of price gains in counters such as LOLC Development Finance, Expolanka Holdings and Asiri Hospital Holdings.

It said high net worth and institutional investor participation was noted in Windforce. Mixed interest was observed in Expolanka Holdings, Royal Ceramics and Dipped Products, whilst retail interest was noted in Browns Investments, Industrial Asphalts and People’s Leasing and Finance. Furthermore, foreigners closed as net buyers mainly due to foreign purchasing in Windforce.

The Utilities sector was the top contributor to the market turnover (due to Windforce), whilst the sector index lost 0.54%. The share price of Windforce decreased by Rs. 0.20 (1.05%), closing at Rs. 18.80 whilst foreign holdings increased by 33,871,721 shares.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 3.15%. The share price of Expolanka Holdings gained Rs. 1.60 (3.17%) to close at Rs. 52.

LOLC Holdings, Dipped Products and Royal Ceramics were also included amongst the top turnover contributors. The share price of LOLC Holdings moved down by Rs. 2.75 (0.67%) to close at Rs. 406.25. The share price of Dipped Products recorded a gain of Rs. 0.50 (0.93%) to close at Rs. 54. The share price of Royal Ceramics appreciated by Rs. 0.10 (0.27%) to close at Rs. 37.20.