Colombo stock market rebounds

The Colombo stock market bounced back yesterday with improved investor sentiments.

The All Share Price Index gained by over 28 points or 0.5% and the S&P SL20 index gained by over 14 points of 0.6%. Turnover was Rs. 1.72 billion, up by 5% from Monday. Foreign investors recorded a net outflow of Rs. 0.118 billion over the day compared to a net outflow of Rs. 0.340 billion on Monday. First Capital said the Bourse closed at 5-month high, reverting back to the positive sentiment, with the banking, capital goods and diversified financials counters contributing to more than 70% of turnover for over a week.  The index experienced a volatile sideways movement within the early hour of trading, thereafter recorded an uptrend due to the buying interest in selected banking, diversified financial counters, and JKH. Later, the market recorded a sideways volatile movement and closed at 5,280 advancing 28 points,” First Capital said.  NDB Securities said indices closed in green as a result of price gains in counters such as LOLC Holdings, John Keells Holdings and Ceylon Tobacco Company.

High net worth and institutional investor participation was noted in Commercial Bank, John Keells Holdings, Expolanka and Dialog Axiata. Mixed interest was observed in LOLC Holdings and DFCC Bank, whilst retail interest was noted in First Capital Holdings and Hayleys Fabric.  The Banking sector was the top contributor to the market turnover (due to Commercial Bank and DFCC Bank), whilst the sector index gained 0.26%. The share price of Commercial Bank increased by Rs. 0.50 (0.61%) closing at Rs. 82.50 whilst foreign holdings decreased by 1,269,222 shares. The share price of DFCC Bank recorded a gain of Rs. 1.30 (2.07%) to close at Rs. 64.20. Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 0.72%. The share price of John Keells Holdings gained Rs. 2.10 (1.65%) to close at Rs. 129.60. LOLC Holdings and Expolanka Holdings were also included amongst the top turnover contributors. The share price of LOLC Holdings moved up by Rs. 13.20 (9.22%) to close at Rs. 156.30 while the share price of Expolanka Holdings appreciated by Rs. 0.50 (11.11%) to close at Rs. 5.00.  Furthermore, Lanka Milk Foods announced their first and final dividend of Rs. 2.50 per share while Samson International and Aitken Spence Plantation Managements announced their final dividends of Rs. 1.00 and Rs. 2.00 per share respectively.