CSE rebounds after three days of profit-taking sentiments

Thursday, 9 January 2025 01:51 - - {{hitsCtrl.values.hits}}

In a sigh of relief to discerning investors, the Colombo stock market bounced back after three days of profit-taking and bearish sentiments.

The benchmark ASPI inched upward by 0.6%, or 100 points, and the active S&P SL20 by 0.57%. It was the first gain after 1 January for the New Year.

Turnover was Rs. 5.2 billion involving 154.7 million shares.

First Capital said the stock market experienced a day of positive sentiment and recovery, closing in green after three consecutive days of losses. Amidst increased participation from retail investors, the ASPI closed the day in green at 15,954, gaining 99 points, marking a 0.63% increase from the previous day. The most significant contributors towards the positive index were SAMP, MELS, LFIN, COMB, and LOLC.

The Banking sector led turnover by 39%, followed by the Food, Beverage and Tobacco and Capital Goods sectors jointly contributing 31% of the overall turnover.

The net foreign outflow for the day stood at Rs. 229.6 million.

NDB Securities said indices closed in green as a result of price gains in counters such as Sampath Bank, Melstacorp, and Hatton National Bank.

High net worth and institutional investor participation was noted in Seylan Bank nonvoting, Lion Brewery, and Commercial Bank. Mixed interest was observed in John Keells Holdings, R I L Property, and Sampath Bank, whilst retail interest was noted in Industrial Asphalts, Co-Operative Insurance Company, and LOLC Finance.

The Banking sector was the top contributor to the market turnover (due to Seylan Bank nonvoting and Commercial Bank) whilst the sector index gained 0.76%. The share price of Seylan Bank nonvoting increased by Rs. 1 to Rs. 58.80. The share price of Commercial Bank moved up by Rs. 1.25 to Rs. 140.50.

John Keells Holdings, R I L Property, and LB Finance were also included amongst the top turnover contributors. The share price of John Keells Holdings closed flat at Rs. 23.90. The share price of R I L Property recorded a gain of Rs. 0.90 to Rs. 14.70. The share price of LB Finance appreciated by Rs. 7 to Rs. 91.80.