Colombo stock market posts welcome rebound

Thursday, 24 October 2024 00:17 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday managed to close on the up though marginally with improved investor sentiment and activity.

The benchmark ASPI gained by over 57 points and the active S&PSL20 by 34 points. Turnover was Rs. 2.3 billion involving 67.4 million shares.

First Capital said the broad market experienced mixed sentiment during the trading session; however, increased buying interest in Banks, Blue-chips, and selected NBFI counters drove the ASPI to close day in green at 12,357, gaining 57 points. JKH, COMB, SAMP, NDB and CFIN emerged as the top positive contributors to the index.

Amidst the improved participation from HNW investors, turnover marked a 2.6% increase from the monthly average, where off-board transactions contributed 17.0% of the overall turnover. The Banking sector led the turnover at 35%, followed by the Capital Goods and Food, Beverage and Tobacco sectors jointly contributing 41% of the overall turnover. Foreign investors remained net buyers, with a net inflow of Rs. 118.1 million.

NDB Securities said indices closed in green as a result of price gains in counters such as John Keells Holdings, Commercial Bank and Sampath Bank.

High net worth and institutional investor participation was noted in Commercial Bank, Sampath Bank and Hayleys. Mixed interest was observed in John Keells Holdings, Hatton National Bank and Distilleries whilst retail interest was noted in Industrial Asphalts, LOLC Finance and Hikkaduwa Beach Resort.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank and Commercial Bank) whilst the sector index gained 1.29%. The share price of Sampath Bank gained Rs. 1.10 to

Rs. 84. The share price of Commercial Bank moved up by Rs. 2 to Rs. 110.25.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings, Hayleys and Hemas Holdings) whilst the sector index increased by 1.31%. The share price of John Keells Holdings increased by Rs. 4 to

Rs. 203. The share price of Hayleys recorded a gain of one Rupee to

Rs. 103. The share price of Hemas Holdings appreciated by 50 cents to Rs. 81.