Colombo stock market sees sharp gain led by blue chips

Thursday, 19 September 2024 00:04 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday began the holidays-shortened and pre-election week on the up with investor sentiment improving though trading was relatively subdued.

The active S&P SL20 gained by nearly 2% and the benchmark ASPI by 1.34% to close at a two-week high. Turnover was Rs. 931.6 million involving 39 million shares.

First Capital said the Colombo Bourse started the week continuing the positive sentiment of the previous week. The ASPI started the day on a steady note and experienced selling pressure in the first few trading hours. However, the index recovered post midday and closed the day at 10,826 gaining 143 points while reaching a two-week high. Improved participation of the retail investors was also observed.

The Banking sector counters, and index heavy weights contributed to the index majorly while SAMP, HNB, JKH, SPEN and HAYL emerged as the top positive contributors to the index.

Turnover saw a 1.4% increase from the month’s average. The Banking sector solely contributed 46% to the overall turnover whilst the Capital Goods and Food, Beverage and Tobacco sectors jointly contributed 24% to the total turnover. Foreign investors turned net sellers, recording an outflow of Rs. 78.2 million.

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

High net worth and institutional investor participation was noted in Commercial Bank, Hayleys Fabric, and Access Engineering. Mixed interest was observed in Hatton National Bank, Sampath Bank and Hayleys whilst retail interest was noted in Co-operative Insurance Company, Browns Investments and LOLC Finance.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Commercial Bank, Sampath Bank and Nations Trust Bank) whilst the sector index gained 1.88%. The share price of Hatton National Bank increased by Rs. 4.75 to Rs. 164. The share price of Commercial Bank gained 80 cents to Rs. 83.20. The share price of Sampath Bank moved up by Rs. 2.20 to Rs. 72.30. The share price of Nations Trust Bank appreciated by Rs. 4 to Rs. 113.25.

The Capital Goods sector was the second highest contributor to the market turnover (due to Hayleys) whilst the sector index increased by 2.05%. The share price of Hayleys recorded a gain of Rs. 2.70 to Rs. 91.