Sunday May 19, 2024
Sunday May 19, 2024
Saturday, 15 July 2023 00:04 - - {{hitsCtrl.values.hits}}
The Colombo stock market’s benchmark All Share Price Index crossed the 10,500-points level for the first time in over a year as it ended the week with a 3% gain fuelled by rebound in investor sentiments.
The ASPI gained by 103.5 points or 1% to close at 10,595 points. The active S&P SL20 rose by 1.6%. This was an improvement compared with mixed performance on Thursday. For the week both indices gained by 2.8%. Turnover averaged Rs. 3.1 billion down from Rs. 4.6 billion in the previous week.
Turnover yesterday was Rs. 2.7 billion involving 145 million shares down from Rs. 5 billion on Thursday.
Asia Securities the indices continued their upward momentum with the ASPI marking a 10-session gain on Friday. Notably, LIOC saw strong buying from investors resulting in a 3.9% price gain for the day, bolstered by news reports that the company is in negotiations with the Government to build an oil distribution pipeline from India to domestic LPG terminals.
Sectorally, banking counters extended price gaining momentum spearheaded by HNBN (+2.6%), HNBX (+3.2%), SEYBX (+5.7%), SAMP (+2.2%), COMBN (+2.4%), and NDB (+1.5%). Resultantly, the banking sector index closed out with a gain of 2.2%.
Hayleys group saw higher investor activity during the session with HAYL (+4.0%), HAYC (+3.6%), DIPD (+2.7%), and MGT (+1.5%) leading the way. On the other hand, treasury counters CALT (+6.1%) and CFVF (+3.6%) recorded sizeable gains while PLR (+9.8%), CICN (+3.1%), CICX (+3.5%), and PACK (+4.1%) saw renewed buying interest during the session.
COMBN (+14 points) came in as the biggest index mover for the day, followed by HNBN (+13 points), and SAMP (+12 points). Overall, 110 stocks recorded price gains for the day while 88 settled with losses.
Turnover was led by LIOC (Rs. 303 million), HAYL (Rs. 186 million), HNBN (Rs.168 million), and CALT (Rs. 153 million).
Foreigners recorded a net outflow of Rs. 11.2 million. Net foreign buying topped in DFCC at Rs. 33.3 million and selling topped in RCL at Rs. 25.9 million.
First Capital said the ASPI continued to fuel with bullish optimism possibly on the back of Fitch Rating comments that Sri Lanka’s sovereign local currency rating is likely to be upgraded from ‘C’ after a restructuring of domestic debt.
Retail participation remained strong mainly on the blue-chip counters, namely, LIOC, HAYL and EXPO while revitalised interest was witnessed on Banking sector counters after a sizable profit-taking displayed during the week. Hence, COMB, HNB and SAMP topped the positive contributors to the ASPI.
“Amidst the bull trend, the market surpassed the 10,500 mark after 69-week and ended the week on a highly positive note, with the ASPI gaining an impressive 293 points,” First Capital said.
It added that turnover was healthy on the back of hefty retail participation and High net worth participation through off-board transactions.
NDB Securities said high net worth and institutional investor participation was noted in Royal Ceramics, Aitken Spence Hotel Holdings and Hatton National Bank. Mixed interest was observed in Lanka IOC, Hayleys and Capital Alliance whilst retail interest was noted in Industrial Asphalts, Browns Investments and Amana Bank.
The Banking sector was the top contributor to the market turnover (due to Hatton National Bank) whilst the sector index gained 2.16%. The share price of Hatton National Bank moved up by Rs. 4.25 to Rs. 169.75.
The Capital Goods sector was the second highest contributor to the market turnover (due to Hayleys) whilst the sector index increased by 0.22%. The share price of Hayleys gained Rs. 3.60 to Rs. 94.
Lanka IOC, Capital Alliance and Haycarb were also included among the top turnover contributors. The share price of Lanka IOC increased by Rs. 5.50 to Rs. 145.50. The share price of Capital Alliance recorded a gain of Rs. 2.80 to Rs. 48.80. The share price of Haycarb appreciated by Rs. 2.60 to Rs. 74.
