CSE sustains rebound led by banks

Thursday, 28 November 2024 00:34 - - {{hitsCtrl.values.hits}}

The Colombo stock market sustained its gains yesterday fuelled by banks amidst high turnover.

The benchmark ASPI gained by 0.66% and the active S&P SL20 by 0.85%. Turnover was Rs. 3.6 billion involving 97.7 million shares.

First Capital said the Colombo bourse maintained its bullish momentum, extending the positive sentiment from Tuesday’s close, driven by the policy rate cut announcement and reduction in T-bill rates. The ASPI closed at 13,050, which depicts a 0.66% increment, attributed to increased HNW participation, whereas retail participation was comparatively lower than the previous close.

Additionally, specific stocks in the Banking sector and Materials sector continued to attract investor interest throughout the day. SAMP, HNB, RICH, DIPD, and DFCC emerged as the top positive contributors to the index. Turnover marked a 5.4% decrease from the monthly average. A major stake of SEYB shares was traded during yesterday’s session, contributing to a heavy portion of the turnover.

Overall, the Banking sector led the turnover by a massive 63%, followed by the Capital Goods and Materials sectors jointly contributing 20% of the overall turnover.

There was a net foreign outflow of Rs. 119.7 million signalling interest in external investments.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Sampath Bank, Hatton National Bank, and Richard Pieris & Company.

Crossings were witnessed in Seylan Bank, Hemas Holdings, and Ambeon Capital, accounting for 45.0% of the turnover. Mixed interest was observed in Sampath Bank, Dipped Products, and Hatton National Bank, whilst retail interest was noted in Browns Investments, Softlogic Capital, and Hela Apparel Holdings.

The Banking sector was the top contributor to the market turnover (due to Seylan Bank, Sampath Bank, and Hatton National Bank) whilst the sector index gained 1.22%. The share price of Seylan Bank increased by Rs. 1.30 to Rs. 59.30. The share price of Sampath Bank gained Rs. 2.30 to Rs. 95.30. The share price of Hatton National Bank recorded a gain of Rs. 3.75 to Rs. 230.

The Capital Goods sector was the second highest contributor to the market turnover (due to Hemas Holdings) whilst the sector index increased by 0.75%. The share price of Hemas Holdings moved up by Rs. 0.50 to Rs. 82.50.

Dipped Products was also included amongst the top turnover contributors, with its share price gaining Rs. 2.10 to Rs. 44.