Friday Nov 15, 2024
Friday Nov 15, 2024
Friday, 8 October 2021 00:02 - - {{hitsCtrl.values.hits}}
The Colombo stock market strengthened further, marking yet another positive day as investor sentiment remained positive amidst satisfactory turnover.
The All Share Price Index gained by over 44 points or 0.46% and the S&P SL20 improved by 17 points or 0.47%. Turnover was Rs. 3.5 billion, lower than Wednesday, and involved 239 million shares.
Asia Securities said the indices ended positive for the second consecutive session despite witnessing an initial decline as investors engaged in mild profit-taking activities in selected momentum-driven stocks during early hours of trading.
Turnover was supported by retail and HNI activity in EXPO, while banking sector stocks continued witnessing improved buying interest during the session.
“Following a 43-point gap up, the ASPI retreated to an intra-day low of 9,585, dragged by price declines in BIL and LOLC. The index picked up momentum thereon on the back of buying in EXPO and price gains in index heavy CLC, CARS, and CTC and ended the session on a strong note, surpassing its all-time high recorded in the previous session,” Asia said.
Overall, 110 stocks recorded price gains during the session, while 92 stocks settled with losses.
First Capital said the bourse settled firmly in the green with a fresh all-time high as the bull-run continued while recording a modest turnover.
“Though the index plummeted steeply during the early hours of trading, reaching an intraday low of 9,583; eventually, the index bounced back to an upward trajectory as optimistic investors set on a buying spree during the rest of the session, hitting an intraday high of 9,688 amidst minor volatility before closing for the day at 9,671,” First Capital added.
It said turnover was generated by a joint contribution of 46% from the banking sector followed by the Food, Beverage and Tobacco sector.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as Commercial Leasing & Finance, Carson Cumberbatch and Expolanka Holdings.
It said high net worth and institutional investor participation was noted in Hayleys Leisure and Hayleys. Mixed interest was observed in Expolanka Holdings, Sampath Bank and Pan Asia Banking Corporation, whilst retail interest was noted in Browns Investments, Amana Bank and Industrial Asphalts.
The Banking sector was the top contributor to the market turnover (due to Sampath Bank, Pan Asia Banking Corporation and Amana Bank), whilst the sector index gained 0.31%. The share price of Sampath Bank moved up by 60 cents (1.05%) to close at Rs. 57.90. The share price of Pan Asia Banking Corporation recorded a gain of 10 cents (0.56%) to close at Rs. 18. The share price of Amana Bank declined by 20 cents (5%) to close at Rs. 3.80.
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 1%. The share price of Browns Investments lost 10 cents (0.93%) to close at Rs. 10.60.
Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings increased by Rs. 2.50 (1.32%), closing at Rs. 192.
