Colombo stock market rebounds amidst low activity

Wednesday, 27 November 2024 00:08 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday bounced back though investor activity was moderate.

The active S&P SL20 gained by 1.3% and the benchmark ASPI by 0.7%. Turnover was Rs. 1.1 billion involving 40.8 million shares.

First Capital said the Colombo Bourse experienced a recovery from profit-taking on Monday as the market faced a relatively volatile trading session with interest visible on selected Banking and Diversified sector stocks such as SAMP and JKH.

It said JKH, HNB, COMB, SAMP and CTC emerged as the top positive contributors to the index. Additionally, specific stocks in the Banking sector continued to attract investor interest throughout the day. In contrast to previous sessions, the market saw an increase in participation from retail investors. Turnover marked a 71.3% decrease from the monthly average. The Banking sector led the turnover by 34%, followed by the Capital Goods and Food Beverage and Tobacco sectors jointly contributing 40% of the overall turnover. There was a net foreign outflow of Rs. 134 million signalling interest in external investments.

NDB Securities said high net worth and institutional investor participation was noted in Hemas Holdings, Commercial Bank and Lankem Developments. Mixed interest was observed in Sampath Bank, John Keells Holdings and Access Engineering whilst retail interest was noted in Marawila Resorts, LOLC Finance and Beruwala Resorts.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank and Commercial Bank) whilst the sector index gained 1.22%. The share price of Sampath Bank increased by one Rupee to Rs. 93. The share price of Commercial Bank moved up by Rs. 1.50 to Rs. 121.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings, Hemas Holdings and Access Engineering) whilst the sector index increased by 2.03%. The share price of John Keells Holdings gained by 60 cents to Rs. 19.80. The share price of Hemas Holdings recorded a loss of 50 cents to Rs. 82. The share price of Access Engineering appreciated by 60 cents to Rs. 27.