CSE achieves welcome rebound

The Colombo stock market bounced back yesterday with improved turnover due to strategic deals.

The active S&P SL20 gained by 0.6% and the benchmark ASPI by 0.4%. Turnover was Rs. 1.46 billion involving 49 million shares. Asia Securities said the indices closed higher supported by price increases in LIOC (+3.5%), NTBN (+6.2%), TKYON (+4.9%), TKYOX (+2.0%), MGT (+4.5%), SAMP (+3.7%), and GLAS (+3.2%). On the contrary, SLTL (-8.6%), LHCL (-4.6%), and AAIC (-1.5%) closed in red.

Retail and HNI activity remained lacklustre during the session.

SAMP (+17 points), VONE (+10 points), and DFCC (+10 points) ended as the major ASPI drivers while SLTL (-8 points) came in as the biggest laggard on the index. The breadth of the market closed neutral with 83 price gainers and 82 decliners. 



Turnover was boosted by off-board transactions in HOPL (Rs. 700 million). Crossings accounted for

49.2% of turnover with 1 crossing recorded in HOPL (Rs. 700.0 million) and NDB (Rs. 20.2 million).

Asia also said foreigners recorded a net inflow of Rs. 32.8 million. Net foreign buying topped in TKYO.N at Rs. 23.9 million and selling topped in NTB at Rs. 31.4 million.

First Capital said after two consecutive days of losses, bourse reversed to green with a narrow gain amidst a volatile trading session. Index opened on an upbeat note with the index gaining over 100 points as it peaked to an intraday high of 9,338 during the initial 30 minutes.

It said mixed sentiment was observed on LIOC as it moved up during the morning session yet witnessed a selling pressure after mid-day following the announcement on fuel price reduction. Meanwhile, activities were enticed on treasury counters too as market participants anticipated inflation to tail down in the coming month.

However, SLTL and LHCL negatively contributed to the ASPI with mounting selling pressure yet the index managed to recoup previous losses and close for the day at 9,272 gaining 39 points.

NDB Securities said mixed interest was observed in Lanka IOC, Expolanka Holdings and Sri Lanka Telecom whilst retail interest was noted in SMB Leasing nonvoting, LOLC Finance and Browns Investments.

The Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Horana Plantations) whilst the sector index edged down by 0.05%. The share price of Horana Plantations increased by Rs. 3 to Rs. 55.

The Banking sector was the second highest contributor to the market turnover (due to Nations Trust Bank ) whilst the sector index increased by 2.26%. The share price of Nations Trust Bank appreciated by Rs. 3.50 (6.21%) to Rs. 59.90.

Lanka IOC, Expolanka Holdings and Sri Lanka Telecom were also included amongst the top turnover contributors. The share price of Lanka IOC gained Rs. 5.75 (3.51%) to Rs. 169.50. The share price of Expolanka Holdings moved down by 25 cents to Rs. 130.50. The share price of Sri Lanka Telecom recorded a loss of Rs. 9.75 (8.63%) to Rs. 103.25