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Saturday May 18, 2024
Tuesday, 14 December 2021 01:15 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday began a fresh week on a bullish note with sharp gains in both indices propelling them to all time high amidst robust turnover.
The All Share Price Index gained by 2.36% or 269 points and the S&P SL20 shot up by over 3% or 125 points. Turnover improved to Rs. 8.17 billion involving a whopping 909.2 million shares.
The year-to-date (YTD) gain of ASPI crossed the 70% mark to close at 72.16%, whilst the more active S&P SL20 is nearing the 60% threshold at 58.9% yesterday. Market capitalisation also crossed the Rs. 5.2 trillion mark yesterday, recording an impressive 75.8% increase YTD.
Asia Securities said the indices scaled new all-time highs and recorded their biggest single-day gain in three months led by price gains in LOLC (+19.1%) and BRWN (+15.1%), while EXPO continued its upward trajectory on the back of robust retail and HNI buying and generated the highest turnover during the session (Rs. 1.6 billion).
“Initially, the ASPI surged past the 11,700 level in the first half of the session and witnessed a bout of stabilisation during closing hours to settle at a fresh all-time high of 11,662 (+269 points). As the top contributor to the ASPI, LOLC contributed 202 points to the index, followed by EXPO (+51 points) and BRWN (+23 points). Overall, the breadth of the market remained almost neutral as 108 stocks ended higher against 107 decliners,” Asia said.
It also said foreigners recorded a net outflow of Rs. 169 million while their participation increased to 3.4% of turnover (previous day 1.8%). Net foreign buying topped in HNB.N at Rs. 100 million and net selling topped in SDB at Rs. 197 million.
First Capital said the bourse rallied with a massive gain, fuelling bullish optimism for the third consecutive day while recording its highest intraday gain in two-and-a-half months and turnover at a one-and-half week high, despite concerns over the uncertainties.
“The index started on a solid upsurge but slid back slightly during the first few minutes of the session. However, as investors continued their buying spree, the market climbed steadily reaching an all-time intraday high of 11,712 before closing at 11,662, gaining 269 points,” First Capital added.
It said turnover was led by the Capital Goods sector, followed by the Transportation sector accounting for a joint contribution of 42%.
NDB Securities said high net worth and institutional investor participation was noted in Brown & Company, John Keells Holdings and Royal Ceramics. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Browns Investments, whilst retail interest was noted in Industrial Asphalts, SMB Leasing voting and non-voting.
It said the Capital Goods sector was the top contributor to the market turnover (due to Brown & Company), whilst the sector index gained 2.11%. The share price of Brown & Company recorded a gain of Rs. 48.50 (15.12%) to close at Rs. 369.25.
Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 3.47%. The share price of Expolanka Holdings increased by Rs. 11.75 (3.47%) to close at Rs. 350.25.
LOLC Holdings, Browns Investments and Sampath Bank were also included amongst the top turnover contributors. The share price of LOLC Holdings gained Rs. 190 (19.06%) to close at Rs. 1,187. The share price of Browns Investments moved up by 10 cents (0.70%) to close at Rs. 14.40. The share price of Sampath Bank declined by 40 cents (0.74%) to close at Rs. 53.50.
