Monday Jan 27, 2025
Monday Jan 27, 2025
Wednesday, 22 January 2025 00:32 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday gathered further strength touching new highs amidst heavy turnover dominated by banking stocks.
The benchmark ASPI gained by 224 points and crossed the 16,500 point-mark ending at 16,597 points up 1.37% from Monday. The active S&P SL20 gained by over 85 points and crossed the 5,000-point mark to close at 5,047 points, up 1.7%. Turnover was Rs. 8.3 billion involving 241.5 million shares.
Turnover was led by Commercial Bank (Rs. 694 million), HNB (Rs. 651.5 million), DFCC (Rs. 515.7 million), NDB (Rs. 407 million) and Sampath (Rs. 354 million).
First Capital said the bourse experienced positive sentiment and increased activity. The gain in ASPI is attributed to an increase in both HNW and retail participation. DFCC, SAMP, NDB, RCL and HNB emerged as the top positive contributors to the index. Investor attention was focused on mid cap banks such as DFCC, HDFC and NDB, contributing to increased activity in the Banking Sector as a whole. Consumer Services sector counters picked up following the electricity tariff cut, resulting in positive sentiment towards the sector. The Banking sector led the turnover with a 44% contribution, followed by the Capital Goods sector at 12%. The Diversified Financials and Materials sectors tied at 10% contribution each, towards overall turnover. Foreign investors remained net sellers, with a net outflow of Rs. 279.4 million.
NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, John Keells Holdings and CIC Holdings. Mixed interest was observed in Hatton National Bank, DFCC Bank and National Development Bank whilst retail interest was noted in Lanka Credit and Business Finance, SMB Leasing and LOLC Finance.
The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Hatton National Bank, DFCC Bank, National Development Bank and Sampath Bank) whilst the sector index gained 2.50%. The share price of Commercial Bank increased by Rs. 1.50 to Rs. 147.50. The share price of Hatton National Bank gained Rs. 4.75 to Rs. 334.75. The share price of DFCC Bank moved up by Rs. 10.50 to Rs. 132.75. The share price of National Development Bank recorded a gain of Rs. 5.75 to Rs. 125.25. The share price of Sampath Bank appreciated by Rs. 3.50 to Rs. 122.
The Capital Goods sector was the second highest contributor to the market turnover, whilst the sector index increased by 0.24%.
