CSE regains marginally after six days of dip; sees Rs. 600 m net foreign outflow 

The Colombo stock market bounced back marginally yesterday from a six-day negative run on the back of improved investor activity.

The active S&P SL20 gained by 0.2% and the benchmark ASPI by 0.2%. Turnover was Rs. 1.23 billion involving 19.6 million shares.

However, the CSE net foreign outflow was Rs. 600 million.

Asia Securities said following six sessions of downward movement, the indices returned to positive territory supported by price increases in HNBN (+2.0%), NTBN (+1.2%), EXPO (+1.1%), HAYC (+2.2%), HHL (+1.0%), and SCAP (+1.5%). Nevertheless, LIOC (-1.0%), RICH (-2.4%), HELA (-1.8%), and COMBN (-0.5%) closed in red.

CTHR (+14 points), HNBN (+10 points), and JKH (+5 points) came in as the major drivers of the ASPI. The market breadth was marginally on the negative side with 69 price gainers and 77 decliners.

Turnover was led by CARG (Rs. 588 million), CTHR (Rs. 216 million), and WAPO (Rs. 105 million) with off-board transactions playing a significant role. A net foreign outflow of Rs. 600 million was recorded for the day due to net selling in CAGR (Rs. 380 million) and CTHR (Rs. 215 million).

First Capital said the Bourse ended in the green zone, ending a 6-day downward trend on the back of price appreciation on blue chip and banking counters. ASPI was recorded at 10,624, a 20-point increase from the previous session, despite the index fluctuating between red and green multiple times throughout the session. The positive gain was influenced largely through the banking counters as investors capitalised on bargain low prices of these shares due to its fall in prices in the previous sessions.

NDB Securities said crossings were witnessed in Cargills, C T Holdings, Galle Face Capital Partners and Renuka Hotels accounting for 73.9% of the turnover. Mixed interest was observed in Expolanka Holdings, John Keells Holdings and Melstacorp whilst retail interest was noted in Industrial Asphalts, Browns Investments and LOLC Finance.

The Food & Staples Retailing sector was the top contributor to the market turnover (due to Cargills and CT Holdings) whilst the sector index gained 3.65%. The share price of Cargills closed flat at Rs. 345. The share price of CT Holdings gained Rs 21.25 to Rs 281.50.

The Diversified Financials sector was the second highest contributor to the market turnover (due to Galle Face Capital Partners) whilst the sector index decreased by 0.67%. The share price of Galle Face Capital Partners moved up by one Rupee to Rs. 26.

Expolanka Holdings and John Keells Holdings were also included amongst the top turnover contributors. The share price of Expolanka Holdings recorded a gain of Rs. 1.50 to close at Rs. 141. The share price of John Keells Holdings appreciated by Rs. 1.75 to Rs. 190.25.