Stock market manages to close on the up after late recovery

The Colombo stock market began a fresh but shortened trading week marginally on the up following a late recovery.

The All Share Price Index was up 13 points or 0.18% and the S&PSL20 closed almost flat. Turnover was Rs. 1.32 billion with 101 million shares traded. 

First Capital said Bourse commenced the week in the green territory following three consecutive sessions in the red. 

“The ASPI slumped during the initial minutes of trading, reaching an intraday low of 7,183. Later, the market recovered displaying a rapid upward trend followed by a sideways movement over the latter part of session closing at 7,234, gaining 13 points,” First Capital added. 

It said moderate turnover was recorded was led by the Capital Goods sector followed by the Food, Beverages and Tobacco sector with a joint contribution of 48%. 

Asia Securities said the indices dipped during early hours with the ASPI declining to an intra-day low of 7,186. Following this, the indices regained ground as the ASPI gradually recovered 48 points, led by price gains in active counters such as LWL, RCL and BIL. 

Asia said Capital Goods, Food, Beverage and Tobacco, Materials and Diversified Financials sectors led activity, collectively accounting for 75.4% of turnover. 

Foreigners recorded a net outflow of Rs. 51.3 million, while their participation declined to 6.1% of turnover (previous day 7.8%). Estimated net foreign buying topped in SAMP.N at Rs. 17 million and net foreign selling topped in DIAL at Rs. 51.8 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Ceylon Tobacco Company, LOLC Holdings and Browns Investments.

It said high net worth and institutional investor participation remained subdued for the day, mixed interest was observed in Lanka Walltiles, Dipped Products and Royal Ceramics, whilst retail interest was noted in SMB Leasing non-voting, Renuka Capital and Browns Investments. 

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics and Lanka Walltiles), whilst the sector index gained 0.40%. The share price of Royal Ceramics gained Rs. 1.20 (3.28%) to close at Rs. 37.80. The share price of Lanka Walltiles moved up by Rs. 3.10 (6.26%) to close at Rs. 52.60.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments), whilst the sector index increased by 0.33%. The share price of Browns Investments increased by Rs. 0.10 (1.59%) to close at Rs. 6.40.

Expolanka Holdings and Dipped Products were also included amongst the top turnover contributors. The share price of Expolanka Holdings recorded a loss of Rs. 0.50 (1.11%) to close at Rs. 44.40. The share price of Dipped Products declined by Rs. 0.10 (0.19%) to close at Rs. 52.80.

Separately, Aitken Spence announced a first and final dividend of Rs. 1 per share. Watawala Plantations and John Keells Holdings announced their final dividends of Rs. 3.00 and Rs. 0.50 per share respectively.