ASPI reverts to over 11,000 points mark after five months

• Benchmark index records biggest single-day gain in three months
• Number of trades for the day surpassed 24,000 for the first time in nearly six months
• ASPI ends week up by 3.3% and S&P SL20 by 3.6%

The benchmark All Share Price Index reverted to over 11,000 points mark after a lapse of five months as investor sentiment at the Colombo stock market gathered further momentum yesterday.

The ASPI shot up by 164 points or 1.5% to close the day at 11,045 points. The active S&P SL20 gained by 1.5% or 47 points. Turnover was healthy too at Rs. 2.6 billion involving 160.5 million shares.

During the week the ASPI and the S&P SL20 gained 3.3% and 3.6% respectively whilst recording an average daily turnover of Rs. 2 billion.

Asia Securities said the ASPI surpassed the 11,000 milestone for the first time since October 2023, driven by upward price movements in the LOLC group. Importantly, the ASPI recorded its biggest single-day gain (+164 points) in three months. 

The rally was led by LOFC (+16.7%), BIL (+12.5%), and LOLC (+9.5%), which together contributed 50 points to the ASPI. Furthermore, robust buying interest was observed across the board in the session with price gains in LMF (+5.7%), AMF (+7.8%), CALT (+6.4%), and SCAP (+4.8%), providing further support to the index. The breadth of the market was strong with price gainers significantly outnumbering decliners by a margin of 163 to 47.

Turnover was led by LMF (Rs. 216 million), CFIN (Rs. 200 million) and JKH (Rs. 183 million).

Foreigners recorded a net outflow of Rs. 72.1 million. Net foreign buying topped in LLUB at 

Rs. 18 million and selling topped in JKH at Rs. 51 million.

First Capital said the bourse soared to new heights for the 5th consecutive day, closing at an impressive 11,046 points, marking a gain of 164 points. The index was led by LOLC, BIL, JKH, and LOFC, as they emerged as leading contributors, setting a bullish tone for the day. Notably, investor interest was piqued by the retail savvy share, LMF, likely fuelled by speculation following the joint venture deal between India’s Amul Dairy and Sri Lanka’s state-owned dairy companies. 

Turnover hit a 4-week high and 48.5% higher than the month’s daily average turnover whilst trades for the day surpassed the 24,000 levels for the first time in nearly six months. 

NDB Securities said high net worth and institutional investor participation was noted in Central Finance Company and John Keells Holdings. Mixed interest was observed in Lanka Milk Foods, Associated Motor Finance Company and Hatton National Bank whilst retail interest was noted in LOLC Finance, Browns Investments and Marawila Resorts. 

Diversified Financials sector was the top contributor to the market turnover (due to Central Finance Company, Associated Motor Finance Company and LOLC Finance) whilst the sector index gained 4.61%. The share price of Central Finance Company gained Rs. 3.50 to Rs. 106.50. 

The share price of Associated Motor Finance Company recorded a gain of Rs. 1.90 to Rs. 26.40. The share price of LOLC Finance appreciated by 80 cents to Rs. 5.60.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Lanka Milk Foods) whilst the sector index increased by 1.69%. The share price of Lanka Milk Foods increased by Rs. 1.50 to Rs. 28.00.

John Keells Holdings was also included amongst the top turnover contributors. The share price of John Keells Holdings moved up by Rs. 2.75 to Rs. 189.

Separately John Keells and E. B. Creasy & Company announced their dividends of Rs. 2.90 and 

Rs. 1.50 per share respectively.