CSE closes on a mixed note but turnover remains robust

Friday, 20 December 2024 00:02 - - {{hitsCtrl.values.hits}}

The Colombo Stock Market yesterday closed on a mixed note with indices going opposite directions but turnover remained healthy.

The benchmark ASPI gained by 40 points or 0.27% but the active S&P SL20 dipped by 14 points or 0.3%. Turnover was Rs. 5.85 billion involving 357 million shares.

First Capital said the bourse witnessed heightened volatility, driven by mixed sentiment and increased market activity. The S&P SL20 index saw a decline today, primarily driven by price declines in the Banking sector and blue-chip stocks. LMF experienced increased trading activity today, with a significant volume of shares traded, largely driven by the recent tax reduction and the possible boost to disposable incomes. CCS, GLAS, JKH, DIPD and LIOC emerged as the top positive contributors to the index. Amidst multiple off-board transactions and increased participation from retail investors, turnover marked an increase of 24.5%, from the monthly average.

The Food, Beverage and Tobacco sector led the turnover by 20%, followed by the Capital Goods and Materials sectors jointly contributing 30% of the overall turnover. There was a net foreign outflow of Rs. 1.5 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Ceylon Cold Stores, Piramal Glass and John Keells Holdings.

High net worth and institutional investor participation was noted in LVL Energy Fund, Sunshine Holdings and Digital Mobility Solutions Lanka. Mixed interest was observed in John Keells Holdings, Lanka Milk Foods and Kotagala Plantations whilst retail interest was noted in Industrial Asphalts, Co-Operative Insurance Company and LOLC Finance.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Lanka Milk Foods and Kotagala Plantations) whilst the sector index gained 1.69%. The share price of Lanka Milk Foods moved up by Rs. 3.50 to Rs. 42.80. The share price of Kotagala Plantations recorded a gain of Rs. 1.10 to Rs. 9.60.

LVL Energy Fund Ltd., John Keells Holdings and Hatton National Bank were also included amongst the top turnover contributors. The share price of LVL Energy Fund Ltd. increased by 10 cents to Rs. 6.40. The share price of John Keells Holdings gained 20 cents to Rs. 22.50. The share price of Hatton National Bank declined by Rs. 3.25 to Rs. 272.25.