Colombo stock market sustains upward momentum

Wednesday, 30 October 2024 00:17 - - {{hitsCtrl.values.hits}}

The Colombo stock market sustained its upward momentum yesterday as investor sentiment turned more optimistic leading to healthy trading activity.

The benchmark ASPI gained by 1% and the active S&P SL 20 by 1.7%. Turnover was Rs. 3.96 billion involving 115 million shares.

First Capital said the positive investor sentiment continued for the 5th consecutive day as ASPI closed the day at 12,746, gaining 136 points whilst ASPI experienced a 19.3% increase year-to-date amidst the positive developments in the country. Positive sentiment towards Banking sector counters and conglomerates remained broadly unchanged and investors maintained an optimistic sentiment towards companies with good fundamentals. HNB, COMB, SAMP, MELS and CARG emerged as the top positive contributors to the index whilst retail participation also continued to improve.

Turnover experienced a 10.3% decrease from Monday yet a 61.7% increase from the monthly average. The Banking sector led turnover by 43%, followed by the Diversified Financials and Food, Beverage & Tobacco Sectors jointly contributing 23% of the overall turnover. Foreign investors turned net buyers, with a net inflow of Rs. 15.2 million.

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

High net worth and institutional investor participation was noted in Hatton National Bank, Commercial Bank and LB Finance.

Mixed interest was observed in Sampath Bank, Lanka IOC and CIC Holdings whilst retail interest was noted in Industrial Asphalts, SMB Leasing and Softlogic Capital.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Sampath Bank and Commercial Bank) whilst the sector index gained 3.03%. The share price of

Hatton National Bank increased by Rs. 10.75 to Rs. 230.25. The share price of Sampath Bank gained Rs. 2.10 to Rs. 88.10. The share price of Commercial Bank moved up by Rs. 3.75 to Rs. 117.75.

Lanka IOC and CIC Holdings were also included amongst the top turnover contributors. The share price of Lanka IOC recorded a gain of Rs. 2.75 to Rs. 115.75. The share price of CIC Holdings appreciated by Rs. 1.50 to Rs. 81.50.