Stock market produces spirited gain of over 2% despite UNHRC outcome

Thursday, 25 March 2021 00:28 -     - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday produced what many called as a “spirited gain” amidst subdued investor activity.

After an early slump, the All Share Price Index gained by 156 points or 2.24% and the S&PSL20 gained by 69 points or 2.47%. Turnover was Rs. 1.58 billion with 67.4 million shares traded. 

The over 2% gain was despite Sri Lanka losing the much contentious vote at the UN Human Rights Council on Tuesday.

First Capital said the market gathered momentum continuing its drive in the positive direction for the third consecutive session while recording an inclined two-week high turnover. 

“Index experienced a dip during the first few minutes of trading as it hit its intraday low of 6,915. Thereafter market recorded a strong uptrend and closed at 7,136 with an advance of 157 points,” First Capital said. 

It said Capital Goods sector continued to dominate the turnover for the session with a contribution of 30%. 

Asia Securities said the ASPI eased past the 7,000 level and continued to trend upwards throughout the day to close with strong gains. 

“Renewed positive investor sentiment was witnessed following the outcome of Tuesday’s UNHRC resolution, as the implications were better-than-expected,” Asia added.

NDB Equities said the ASPI closed in green as a result of price gains in counters such as Browns Investments, LOLC Holdings and Expolanka Holdings.

It said high net worth and institutional investor participation was remained subdued for the day. Mixed interest was observed in Hatton National Bank non-voting, Hayleys and Sampath Bank, whilst retail interest was noted in Expolanka Holdings, Browns Investments and Dipped Products. 

Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings), whilst the sector index gained 2.51%. The share price of John Keells Holdings closed flat at Rs. 150.00, whilst foreign holdings decreased by 1,102,237 shares.

Materials sector was the second highest contributor to the market turnover (due to Dipped Products), whilst the sector index increased by 4.25%. The share price of Dipped Products recorded a gain of Rs. 1.70 (3.78%) to close at Rs. 46.70. 

Expolanka Holdings, Browns Investments and Sampath Bank were also included amongst the top turnover contributors. The share price of Expolanka Holdings increased by Rs. 2.50 (5.75%) to close at Rs. 46.00. 

The share price of Browns Investments moved up by Rs. 0.50 (10.42%) to close at Rs. 5.30. The share price of Sampath Bank appreciated by Rs. 3.20 (6.21%) to close at Rs. 54.70.

Separately Richard Pieris Exports announced an interim dividend of Rs. 25.00 per share.

First Capital also said the market experienced the highest net foreign outflow after nearly three-weeks while recording low participation.

Net foreign selling amounted to Rs. 327 million as against a net inflow of Rs. 118 million on Tuesday. The year to date net foreign outflow was Rs. 15.9 billion.

Asia said estimated net foreign buying topped in CARG at Rs. 1.1 million and net foreign selling topped in JKH at Rs. 165.3 million. 


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