Stock market remains positive

The Colombo stock market remained positive yesterday though with lower turnover and net foreign inflow.

The benchmark ASPI gained by 97 points or 1% and the active S&P SL20 improved by 20 points or 0.6%. Turnover was Rs. 3.1 billion involving 181 million shares.

Asia Securities said the indices withstood price declines recorded by front-line stocks to remain in positive territory.  LIOC (-0.5%), EXPO (-1.0%), BIL (-1.3%), SUN (-1.7%), RICH (-1.3%), CIC (-1.8%), CICX (-1.6%), and LOLC (-0.1%) closed lower for the day while PAP (+14.6%), LWL (+11.2%), TILE (+9.0%), SAMP (+6.5%), CFVF (+11.8%), COCO (+17.2%), and CALT (+7.0%) moved sharply upwards and contributed significantly to the indices during the session.

Turnover was led by ACL (Rs. 458 million), LIOC (Rs. 299 million), EXPO (Rs. 198 million), and LWL (Rs. 170 million). The ASPI crossed the 9,990 mark at market open and scaled to an intra-day high of 9,982 (+120 points) in the first hour of the session before turning range bound in between 9,940-9,970. The breadth of the market closed positive with 125 price gainers and 86 decliners.

Asia also said foreigners recorded a net inflow of Rs. 21.8 million while their participation declined to 1.9% of turnover (previous day 23.1%). Net foreign buying topped in MELS at Rs. 14 million and selling topped in LWL at Rs. 39.2 million.

First Capital said the bourse recorded gains with significant contribution from the tile sector counters and SAMP whilst prices of heavyweights such as LIOC and ACL consolidated. Index moved on a steep upward trajectory as the market opened with investor interest predominantly spanned on Banking, NBFI and Capital Goods counters. The bull-run continued throughout the session holding the index high and closed for the day at 9,959 gaining 97 points.

NDB Securities said high net worth and institutional investor participation was noted in CIC Holdings (voting and nonvoting) and Aitken Spence. Mixed interest was observed in ACL Cables, Lanka IOC and Expolanka Holdings whilst retail interest was noted in SMB Leasing (voting and nonvoting), Industrial Asphalts and Beruwala Resorts.

The Capital Goods sector was the top contributor to the market turnover (due to ACL Cables and Lanka Walltiles) whilst the sector index gained 0.70%. The share price of ACL Cables decreased by Rs. 1 (0.85%) to close at Rs. 116.50. The share price of Lanka Walltiles recorded a gain of Rs. 8 (11.20%) to close at Rs. 79.30.

Diversified Financials sector was the second highest contributor to the market turnover (due to First Capital Holdings) whilst the sector index increased by 0.53%. The share price of First Capital Holdings appreciated by Rs. 2.10 (11.80%) to close at Rs. 19.90.

Lanka IOC and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Lanka IOC lost Rs. 1.50 (0.52%) to close at Rs. 285.50. The share price of Expolanka Holdings moved down by Rs. 2.25 (1%) to close at Rs. 222.50.