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The Colombo stock market ended an eight-session slide yesterday to close the week on the up.
During the week, the ASPI fell 1.86% or 413.17 points and the S&P SL20 fell 1.88% or 116.76 points.
Yesterday, the ASPI was up 0.31% or 67.84 points at 21,765.56 with 135 counters closing in red against 77 in red. The active S&P SL20 was up 0.25% or 14.94 points at 6,081.43. Market turnover was over Rs. 2 billion on nearly 65.4 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 673 million.
First Capital Research said the market regained momentum as buying interest returned following the sustained sell-off witnessed over the past week, with investors taking advantage of attractive valuations across selected counters.
The recovery came despite lingering global uncertainties, while HNW investors remained active through negotiated crossings and retail participation stayed at average levels. The main positive contributors to the ASPI were CCS, HAYC, DIAL, JKH, and RIL.
The banking sector led the daily turnover with a share of 37%, followed by the capital goods, and food beverage and tobacco sectors collectively contributing 35%.
NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, John Keells Holdings and Ceylon Cold Stores. Mixed interest was observed in Sampath Bank, Haycarb and Aitken Spence whilst retail interest was noted in Softlogic Holdings, HNB Finance and Panasian Power.
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The Banking sector was the top contributor to the market turnover due to Commercial Bank and Sampath Bank, whilst the sector index edged down by 0.04%. The share price of Commercial Bank closed flat at Rs. 205.25. The share price of Sampath Bank moved down by one rupee to close at Rs. 138.75.
Capital Goods sector was the second highest contributor to the market turnover due to Aitken Spence and John Keells Holdings, whilst the sector index increased by 0.71%. The share price of Aitken Spence recorded a gain of 75 cents to close at Rs. 148.75. The share price of John Keells Holdings appreciated by 10 cents to close at Rs. 20. Ceylon Cold Stores was also included amongst the top turnover contributors. The share price of Ceylon Cold Stores gained Rs. 4.25 to close at Rs 128.