CSE manages to sustain positive momentum

The Colombo stock market yesterday managed to sustain its upward momentum though trading was relatively low. 

The benchmark ASPI gained by over 6 points and the active S&P SL20 was up by 5 points. Turnover was Rs. 1.4 billion involving 59.3 million shares.

Asia Capital said despite profit-booking in banking counters, the indices remained in green supported by HAYL (+4.5%), PARQ (+3.8%), ACL (+3.3%), TKYON (+2.6%), and JKH (+2.5%). 

JKH (+17 points), and HAYL (+13 points) came in as the major index movers for the day. The market breadth was negative with 85 price gainers and 94 decliners.

Market turnover was led by COMBN (Rs. 134 million), HAYL (Rs. 121 million), and JKH (Rs. 113 million). 

The Capital Goods, Banks, Materials and Food, Beverage and Tobacco sectors led activity, collectively accounting for 76.4% of turnover.  Foreigners recorded a net outflow of Rs. 21.4 million. Net foreign buying topped in RICH.N at Rs. 8.3 million and selling topped in COMB.N at Rs. 22.5 million. First Capital said the bourse witnessed a mixed trading session with significant volatility throughout the day and finally ending up by 6 points at 12,171. After a spike in the initial few minutes Bourse registered selling pressure within the first hour of trading amidst profit taking primarily in the Banking sector counters. However, towards mid-day Bourse recovered with bargain hunters taking centre stage, but failed to sustain the momentum towards the end of the day. Capital Goods sector led by bluechip heavy weights JKH, HAYL, SPEN led the positive contributors to the index while banking and finance counters HNB, SAMP, LOLC led the negatives list. Turnover recorded a notable dip amidst the slower volumes resulting from lower retail participation stemming from the selling pressure.

NDB Securities said high net worth and institutional investor participation was noted in Ambeon Capital, Agarapatana Plantations and Swisstek. Mixed interest was observed in Commercial Bank, Hayleys and John Keells Holdings whilst retail interest was noted in Waskaduwa Beach Resort, Browns Investments and Industrial Asphalts. 

The Capital Goods sector was the top contributor to the market turnover (due to Hayleys and John Keells Holdings) whilst the sector index gained 1.98%. The share price of Hayleys gained Rs. 4.50 to Rs. 104.75. The share price of John Keells Holdings moved up by Rs. 4.75 to Rs. 193.75.

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 0.65%. The share price of Commercial Bank increased by 50 cents to Rs. 107. The share price of Sampath Bank recorded a loss of 80 cents to Rs. 82.20.

Agarapatana Plantations was also included amongst the top turnover contributors with its share price closing flat at Rs. 8.20.