Colombo stock market gains to 5-month high

The Colombo stock market yesterday gained to a five-month high along with strong turnover as investor sentiment  turned bullish.

The benchmark ASPI gained by 1.12% or 109 points and the active S&P SL20 improved by 0.8%. Turnover was Rs. 4.7 billion involving 216.5 million shares.

Asia Securities said the ASPI surpassed the 9,800 mark to scale a new five-month high at 9,813 as front-line stocks LIOC (+6.0%), CIC.N (+7.4%), CIC.X (+9.1%), RCL (+8.3%), PARQ (+11.9%), AEL (+14.6%), and ALUM (+7.7%) recorded sharp price increases during the session. 

However, EXPO (-3.2%), BIL (-1.3%), LOLC (-2.7%), RICH (-2.9%), and BRWN (-1.2%) ended with price losses, weighing significantly on the ASPI. 

Turnover was led by LIOC (Rs. 735 million), EXPO (Rs. 367 million), and PACK (Rs. 332 million). 

Asia also said foreigners continued on the buying side, generating a net inflow of Rs. 53 million supported by net buying in EXPO (Rs. 73 million) and MELS (Rs. 42 million) while JKH topped net foreign outflow at Rs. 63 million. 

Earlier, the ASPI commenced trading with a 137-point gap-up to 9,841 and moved within the narrow range of 9,820-9,850 for the rest of the session. LIOC ended as the biggest index mover, contributing 18 points to the ASPI while EXPO ended as the biggest laggard (-14 points). The breadth of the market closed positive with 122 price gainers and 81 decliners.

First Capital said the bourse closed positively yet another day continuing its bull run for the fourth straight day as investors persistently displayed a buoyant sentiment. 

The Index opened on a positive note and remained high throughout the session and closed at 9,813 gaining 109 points backed by LIOC, the top contributor to the ASPI. Turnover improved led by a joint contribution of 44% from the Materials sector and Capital Goods sector. 

NDB Securities said high net worth and institutional investor participation was noted in Expack Corrugated Cartons, John Keells Holdings and Royal Ceramics. Mixed interest was observed in Lanka IOC, Expolanka Holdings and ACL Cables whilst retail interest was noted in SMB Leasing, Browns Investments and Industrial Asphalts.