CSE gains on Friday but ends week marginally down

The Colombo stock market managed to gain yesterday on the positive news of the IMF Staff agreement on the second review but ended the week marginally down.

The benchmark ASPI declined by 75.3 points (0.7%) and S&P SL20 lost 19 points (0.6%). Average daily turnover was 

Rs. 1.68 billion.

Last week the ASPI and the S&P SL20 gained 2.6% and 3.1% respectively with daily turnover averaging Rs. 1.77 billion.

Asia Securities said following four sessions of profit-booking, the indices ended Friday on a positive note supported by price gains in HAYL (+1.8%), HNBN (+2.5%), LLUB (+5.8%), VONE (+5.0%), RCL (+3.7%), CFVF (+3.3%), and ACL (+1.7%). 

The breadth of the market was positive with 125 price gainers and 54 decliners.

Turnover picked up to Rs. 1.5 billion on Friday (previous session-Rs. 640 million) led by HAYL (Rs. 211 million), SAMP (Rs. 113 million), HNBN (Rs. 98 million), and NTBN (Rs. 78 million).

Foreigners recorded a net outflow of Rs. 15.7 million. Net foreign buying topped in ACL at Rs. 21 million net selling topped in JKH at Rs. 31.4 million.

First Capital said the market experienced an upward trend and an active trading session after experiencing 4 consecutive days of decline during the week, as the IMF staff and the Sri Lankan authorities reached the staff level agreement where the country will get access to SDR 254.0 million (approximately $ 337.0 million) once the review is approved. Moreover, active investor participation was seen on the Banking sector shares namely, HNB, COMB, which were amongst the top contributors for the day’s gain. Furthermore, active local investor participation was observed on both HAYL and LLUB, which enabled the turnover to surpass the Rs. 1 billion mark.

Capital goods sector and Banking sector were the joint top contributors to the day’s turnover with 56%. 

NDB Securities said high net worth and institutional investor participation was noted in Hayleys, Sampath Bank and John Keells Holdings. Mixed interest was observed in Hatton National Bank, Vallibel One and Chevron Lubricants whilst retail interest was noted in Browns Investments, Royal Ceramics and LOLC Finance. 

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys) whilst the sector index gained 1.49%. The share price of Hayleys increased by Rs. 1.50 to Rs. 83.80.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank, Hatton National Bank and Nations Trust Bank) whilst the sector index increased by 0.82%. The share price of Sampath Bank lost 50 cents to Rs. 77.10. The share price of Hatton National Bank moved up by Rs. 4 to Rs. 166. The share price of Nations Trust Bank recorded a gain of 75 cents to Rs. 104.50.

Chevron Lubricants was also included among the top turnover contributors. The share price of Chevron Lubricants appreciated by Rs. 6 to Rs. 109.25.