Positive start to new week at CSE; ASPI hits three-month high

The Colombo stock market began a new week positively with the benchmark ASPI hitting a three-month high after a 0.9% increase.

The active S&P SL20 gained by 1.3%. Turnover was Rs. 2.77 billion involving 169 million shares.

First Capital said the completion of the EDR boosted the sentiment of the investors as ASPI reached over a three-month high gaining 111 points and closing the day at 12,165. The banking sector stocks led the market as usual while revitalised interest on CITW was also observed. CTHR, SAMP, HNB, JKH and COMB emerged as the top positive contributors to the index. Additionally, the number of trades is at healthy levels, indicating an improvement in market activity.

Amidst the improved participation of both retail and HNW investors turnover marked a 47% increase from the monthly average. The Banking sector leading the turnover contributing 52%, followed by the Capital Goods, and Diversified Financials sectors jointly contributing 20% of overall turnover. Foreign investors turned net sellers with a net outflow of Rs. 84.9 million.

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, Central Finance Company and Sampath Bank. Mixed interest was observed in Pan

Asia Banking Corporation, Waskaduwa Beach Resort and Hatton National Bank whilst retail interest was noted in SMB Leasing non-voting, Browns Investments and LOLC Finance.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank, Commercial Bank and Pan Asia Banking Corporation) whilst the sector index gained 1.99%. The share price of Sampath Bank increased by Rs. 1.70 to Rs. 83. The share price of Commercial Bank gained Rs. 1.50 to Rs. 106.50. The share price of Pan Asia Banking Corporation moved up by 50 cents to Rs. 23.30.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 0.66%. The share price of John Keells Holdings appreciated by Rs. 2.75 to Rs. 189.

Waskaduwa Beach Resort was also included amongst the top turnover contributors with its share price recording a loss of 20 cents to Rs. 2.10.