CSE manages to stay up amidst low turnover

The Colombo stock market managed to close on the up though investor activity was subdued.

The benchmark ASPI inched by 0.28% and the active S&P SL20 was almost flat. Turnover was Rs. 943 million involving 29 million shares.

Asia Securities said the indices returned to positive territory on Tuesday (26) supported by price increases in HNBX (+4.5%), SAMP (+1.0%), PABC (+1.5%), and TKYON (+1.5%). 

JKH, in particular, saw higher investor interest during the session, securing the top spot on the turnover list (Rs. 298 million). Notably, JKH surpassed EXPO in market capitalisation on the Exchange (Rs. 267 billion ). On the other hand, DFCC saw increased activity resulting in a turnover of 

Rs. 124 million for the day. Meanwhile, CALT (-2.8%), FCTN (-2.6%), EXPO (-0.9%), KHL (-1.3%), and RICH (-2.3%) recorded price losses during the session. The breadth of the market was positive with 88 price gainers and 70 decliners.

Foreigners recorded a net inflow of Rs. 1.9 million. Net foreign buying topped in JKH.N at Rs. 9.3 million and net foreign selling topped in LOLC.N at Rs. 12.1 million. First Capital said the bourse bounced back and recorded an intraday gain of 32 points as investor sentiment boosted following S&P Global's upgrade of Sri Lanka's local currency rating from SD (selective default) to CCC+/C after the completion of domestic debt restructuring. 

Positive investor sentiment centred on index heavy weights and Banks. However, cautious level of investor activity was seen during the day as the overall buying interest in the market slightly toned down during the mid-day after the index reached an intraday high of 11,283. Nonetheless, index managed to sustain the bullish optimism and closed for the day at 11,248. 

Retail investors showed interest on EDEN.N, given the ex-rights date falling yesterday. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings and DFCC Bank. Mixed interest was observed in Pan Asia Banking Corporation, Capital Alliance and Chevron Lubricants whilst retail interest was noted in Browns Investments, LOLC Finance and Tess Agro. 

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 0.25%. The share price of John Keells Holdings increased by Rs. 1.50 to Rs. 192.50.

The Banking sector was the second highest contributor to the market turnover (due to DFCC Bank and Pan Asia Banking Corporation) whilst the sector index increased by 0.57%. The share price of DFCC Bank gained 60 cents to Rs. 85.80. The share price of Pan Asia Banking Corporation moved up by 30 cents to Rs. 20.

Capital Alliance and Chevron Lubricants were also included amongst the top turnover contributors. The share price of Capital Alliance recorded a loss of Rs. 2.20 to Rs. 75.90. The share price of Chevron Lubricants declined by 70 cents to Rs. 90.30.

Separately Dipped Products, Hayleys Fabric and Ambeon Holdings announced their interim dividends of one rupee, Rs. 1.75 and Rs. 1.70 per share respectively.