CSE turnover crosses Rs. 1 b mark first time this week

The Colombo stock market remained on the up with turnover improving to recent highs though volume traded was low.

The S&P SL20 Index gained 0.9% and the ASPI by 0.6%. Turnover was Rs. 1.1 billion involving 43.7 million shares.

Asia Securities said following a range-bound first half, the indices picked up momentum in the final 30 minutes of trading driven by price gains in EXPO (+7.8%), BIL (+5.0%), RCL (+3.3%), LOFC (+1.4%), and HNB (+3.1%).

Turnover crossed Rs. 1 billion after three sessions of subdued activity, led by EXPO (Rs. 387 million), HNB (Rs. 158 million), and BIL (Rs. 141 million). Similarly, the trading volume (number of shares traded) recorded a moderate increase from 37.5 million to 43.7 million.

Asia said following a 46-point gap-up opening, the ASPI moved largely within a narrow range of 7,535-7,550 before witnessing a 78-point pickup to 7,615 at the end of the session. However, the index closed out trading at 7,556 (+44 points) while the more liquid S&P SL20 index ended at 2,431 (+22 points). 

EXPO provided the biggest boost to the ASPI during the session, contributing 25 points to the index’s gain as the stock witnessed some positive buying momentum after the company’s dividend announcement. The breadth of the market ended positive with 82 price gainers and 71 decliners.

Asia also said foreigners recorded a net outflow of Rs. 163.9 million while their participation increased to 8.1% of turnover (previous day 1.6%). Net foreign buying topped in EXPO at Rs. 2 million while selling topped in HNB.N at Rs. 157.6 million.

First Capital said the Bourse recorded gains for the third straight session as investors instilled a bullish sentiment on the market, predominantly with buying interest on EXPO following its dividend announcement. 

The Index shot up as the market commenced and followed a sideways drift till the latter part of the session and eventually gained a bit of upward momentum as retail buying built up in counters such as BIL and LIOC before closing for the day at 7,556 gaining 44 points. Further, RCL too contributed to the ASPI hike with business tycoon Dhammika Perera taking oaths as a MP. 

Turnover was led by a sole contribution of 35% from the Transportation sector while 20% was accounted from the Banking sector following the crossing transactions of COMB and HNB. 

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, Hatton National Bank, and John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Royal Ceramics and Lanka IOC whilst retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing.

Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index gained 7.84%. The share price of Expolanka Holdings increased by Rs 13.50 (7.84%) to close at Rs 185.75.

The Banking sector was the second-highest contributor to the market turnover (due to Hatton National Bank and Commercial Bank) whilst the sector index increased by 0.27%. The share price of Hatton National Bank gained Rs. 2.40 (3.09%) to close at Rs. 80. The share price of Commercial Bank declined by 40 cents (0.79%) to close at Rs. 50.50.

Browns Investments and Royal Ceramics were also included among the top turnover contributors. The share price of Browns Investments moved up by 40 cents (5%) to close at Rs. 8.40. The share price of Royal Ceramics recorded a gain of 90 cents (3.33%) to close at Rs. 27.90.