CSE ends on the up amidst high volatility

Friday, 8 November 2024 00:06 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday bounced back to close on the up marginally following a highly volatile day in terms of investor sentiments.

On a choppy day for indices, the ASPI managed to close with a gain of 8 points whilst the active S&P SL20 closed marginally negative. Turnover was below recent average at Rs. 2 billion involving 87 million shares.

First Capital said the Colombo Bourse witnessed a relatively volatile trading day compared to the previous trading session as the index recovered from three consecutive losses with the ASPI closing at 12,728, gaining 9 points.

JKH, MELS, DIPD, HHL and LOLC emerged as the top positive contributors to the index. Moreover, selected stocks such as DIPD, AEL and LMF witnessed increased investor interest during the trading session. Amidst the decreased participation from both retail and HNW investors compared to previous trading session, turnover dropped by 33.8% from Wednesday, falling 25.4% below the monthly average. The Capital Goods sector led the turnover by 35%, followed by the Banking and Food, Beverage and Tobacco sectors jointly contributing 36% of the overall turnover. Foreign investors remained net buyers, with a net inflow of Rs. 45.2 million.

NDB Securities said the ASPI edged up as a result of price gains in counters such as John Keells Holdings, Melstacorp and Dipped Products. High net worth and institutional investor participation was noted in Softlogic Finance, Commercial Bank and LB Finance. Mixed interest was observed in John Keells Holdings, Dipped Products and Lanka Milk Foods whilst retail interest was noted in SMB Leasing nonvoting, Dialog Axiata and SMB Leasing.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 0.92%. The share price of John Keells Holdings increased by 30 cents to

Rs. 21.50.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank and Sampath Bank), whilst the sector index decreased by 0.69%. The share price of Commercial Bank lost one Rupee to Rs. 114.50. The share price of Sampath Bank declined by one Rupee to

Rs. 88.50.

Dipped Products and Lanka Milk Foods were also included amongst the top turnover contributors. The share price of Dipped Products moved up by Rs. 2.40 to Rs. 41. The share price of Lanka Milk Foods recorded a gain of one Rupee to Rs. 33.

Separately Commercial Development Company announced its interim dividend of Rs. 3 per share.