CSE begins new week on a positive note

The Colombo stock market opened a new week on a positive note though gains were marginal amidst moderate activity.

The benchmark ASPI gained by 11.5 points or 0.1% and the active S&P SL20 by 5.6 points or 0.18%. Turnover was Rs. 1 billion involving 31.2 million shares.

Asia Securities said building on the positive momentum following the successful completion of the IMF Staff Level Agreement, the market commenced the session on a positive note with the ASPI reaching an intra-day high of 10,937 (+75 points) in early trading. 

However, the index reversed course thereupon and moved downwards for the remainder of the session, weighed by price losses in CFVF (-3.1%), CALT (-2.2%), FCT (-6.0%), BIL (-1.9%), and LHCL (-2.2%). Nevertheless, the ASPI managed to close the session in green with a marginal gain of 12 points. Notable price increases were recorded by SLTL (+6.5%), CFIN (+2.0%), LCBF (+4.5%), LFIN (+1.5%), SAMP (+1.8%), and AEL (+1.6%).  SAMP (+10 points), CTC (+9 points), and SLTL (+5 points) ended as the major index drivers for the day while HNBN (-5 points), RCL (-4 points), and HHL (-3 points) came in as the biggest laggards. The breadth of the market was weak with 76 price gainers and 97 decliners.  

Asia also said foreigners recorded a net outflow of Rs. 49.3mn. Net foreign buying topped in JKH at Rs. 38.3mn and selling topped in TKYO.X at Rs. 56.2mn.

First Capital said the Bourse closed in green for the third straight session with a narrow gain of 12 points amidst the mixed sentiment that persisted during the day. Index opened on a steep upsurge, peaking to an intraday high of 10,941 supported by the bullish sentiment observed on Banks, mainly SAMP while heightened interest on SLTL further boosted the uptrend in the index during the first half of the session. However, by mid-day investor interest dampened amidst concerns hovering around the upcoming budget while selling on treasury counters partly negated gains of the morning session, yet closed positively at 10,862 with a marginal gain of 12 points.  NDB Securities said high net worth and institutional investor participation was noted in Sampath Bank, John Keells Holdings and Melstacorp. Mixed interest was observed in Sri Lanka Telecom, Tokyo Cement Company nonvoting and First Capital Holdings whilst retail interest was noted in Browns Investments, Lanka Credit & Business Finance and Pan Asia Banking Corporation. 

The Banking sector was the top contributor to the market turnover (due to Sampath Bank) whilst the sector index edged up by 0.02%. The share price of Sampath Bank increased by Rs 1.20 to Rs 66.90. The Diversified Financials sector was the second highest contributor to the market turnover (due to First Capital Holdings) whilst the sector index increased by 0.70%. The share price of First Capital Holdings declined by Rs 1.60 to Rs 50.40.

Sri Lanka Telecom, John Keells Holdings and Tokyo Cement Company nonvoting were also included amongst the top turnover contributors. The share price of Sri Lanka Telecom gained Rs 6.20 to Rs 102. The share price of John Keells Holdings closed flat at Rs 191.25. The share price of Tokyo Cement Company nonvoting recorded a loss of 50 cents to Rs. 40.50.