CSE begins fresh week on the up

The Colombo stock market began a fresh week on the up continuing from where it ended on Friday with both indices gaining amidst healthy turnover.

The active S&P SL20 gained by 0.7% and the benchmark ASPI by 0.5%. Turnover was Rs. 1.68 billion involving 63 million shares.

Asia Securities said the market commenced the week on a positive note with the ASPI crossing the 12,400 mark, in early trading to reach an intra-day high of 12,406 (+92 points). Following this, the index consolidated in the range of 12,375-12,400. Notably, the ASPI recorded its fifth consecutive session of gains.

HAYL (+4.3%) saw a strong session while price gains in SAMP (+1.0%), RCL (+2.6%), DIPD (+2.3%), LOLC (+3.3%), LIOC (+2.5%), and VFIN (+2.3%) supported the ASPI during the session. On the other hand, JKH (-1.0%) dragged the index down. HAYL (+11 points) contributed the most to the ASPI, followed by LOLC (+11 points), and SAMP (+6 points) while JKH (-7 points) and SPEN (-2 points) came in as the biggest laggards on the ASPI. The market breadth was positive with 90 stocks closing in green and 80 recording losses.

Turnover was led by JKH (Rs. 433 million), HAYL (Rs. 184 million), and HNB (Rs. 89 million).

Asia also said foreigners recorded a net outflow of Rs. 113.4 million. Net foreign buying topped in VFIN at Rs. 11.1 million and selling topped in COMB.N at Rs. 65.3 million.

First Capital also said the bourse began the week in a positive note fuelled by increasing investor optimism surrounding a favourable outcome from the IMF review on 12 June 2024. The index started on a bullish note, reaching its intraday high at 12,402 within the first trading hour. However, it later experienced sideways moments before closing, 12,381, gaining 67 points for the 5th consecutive session. Conglomerates, Banking, Export and Apparel sector counters played a significant role in driving the index, whereas HAYL, LOLC, SAMP, NDB, and RCL emerged as the top contributors.

The Capital Goods sector led the turnover at 43.5%, with the Banking and Diversified Financials sectors jointly contributing 32.1% to the overall turnover.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Commercial Bank and Sampath Bank. Mixed interest was observed in Hayleys, Hatton National Bank and Nations Trust Bank whilst retail interest was noted in Marawila Resorts, Browns Investments and LOLC Finance.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Hayleys) whilst the sector index closed flat 0.00%. The share price of John Keells Holdings decreased by Rs. 2 to Rs. 204. The share price of Hayleys gained Rs. 4.15 to Rs. 100.25.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank, Commercial Bank and Sampath Bank) whilst the sector index increased by 0.53%. The share price of Hatton National Bank moved up by 25 cents to 

Rs. 205.50. The share price of Commercial Bank closed flat at Rs. 108.75. The share price of Sampath Bank appreciated by 80 cents to Rs. 80.90.