The Colombo stock market gathered further momentum yesterday, with gains reaching a 30-month high and turnover hitting an over three-week peak thanks to strategic play.

The ASPI was up 14 points and S&PSL20 inched up six points whilst turnover was Rs. 3.4 billion.

First Capital said the market posted a 30-month high while recording a near three-and-a-half-week high turnover, sustaining the drive in the green territory for the eighth consecutive session. 

It said the real estate sector dominated the turnover for the session contributing 42% aided by On’ally Holdings (see separate story).

“The index experienced a strong downtrend within the early hour of trading as it hit its intraday low of 6,332 and thereafter experienced a volatile sideways movement during mid-day. Later the market witnessed a strong uptrend and closed at 6,360, gaining 14 points,” First Capital added.

Asia Securities said apart from the strategic deal on On’ally, the market activity was dominated by HNIs and retailers. 

Real Estate, Capital Goods, Food, Beverage & Tobacco, and Banks sectors led activity, collectively accounting for 75.4% of turnover. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Nestle Lanka, LOLC Development Finance and Cargills.

It said mixed interest was observed in John Keells Holdings, Dipped Products and Hatton National Bank, whilst retail interest was noted in Expolanka Holdings, Melstacorp and Renuka Capital.

The Real Estate sector was the top contributor to the market turnover (due to On’ally Holdings) whilst the sector index gained 2.68%. The share price of On’ally Holdings increased by Rs. 7.30 (27.55%) to close at Rs. 33.80.

The Capital Goods sector was the second highest contributor to the market turnover (due to Access Engineering and John Keells Holdings) whilst the sector index edged down by 0.01%. The share price of Access Engineering gained Rs. 0.70 (2.87%) to close at Rs. 25.10. 

The share price of John Keells Holdings moved up by Rs. 0.70 (0.47%) to close at Rs. 149.70. Expolanka Holdings and Melstacorp were also included amongst the top turnover contributors. The share price of Expolanka Holdings recorded a loss of Rs. 0.20 (0.76%) to close at Rs. 26.20. The share price of Melstacorp declined by Rs. 0.30 (0.70%) to close at Rs. 42.70.

Acuity Stockbrokers said foreign recorded a net outflow of Rs. 123 million, down from Rs. 219 million on Wednesday. 

LRI gets bullish with Rs. 2.8 b takeover move of Unity Plaza owner On’ally Holdings