Tuesday Dec 17, 2024
Tuesday Dec 17, 2024
Tuesday, 17 December 2024 02:24 - - {{hitsCtrl.values.hits}}
Already enjoying record highs the Colombo stock market yesterday gathered further momentum as investors continued to remain bullish.
The benchmark ASPI gained by 2% or 295 points to surpass the 14,500-points mark and the active S&P SL20 rose by 2.5% propelling its year to date (YTD)return to over 40% mark to 41.76%.
Turnover reached a 10-month high of Rs. 8.28 billion involving 211 million shares.
Ceylinco Holdings (Rs. 1.196 billion), JKH (Rs. 532.4 million), Sampath Bank (Rs. 442 million), HNB (Rs. 396 million) and PABC (Rs. 352.6 million) led the turnover.
First Capital said continuing from the previous week, the Colombo Bourse experienced a sustained bullish momentum with ASPI gaining 295 index points and closed the day in green at 14,500 for the 15th consecutive session. The S&P SL 20 index also gained 105 points and closed the day in green at 4,350.
The bullish momentum can be attributed to declining interest rates and the completion of the external debt restructuring deal, which boosted investor sentiment and reduced risk premiums. Amongst the off-board transactions a notable transaction was recorded in CINS where 1.6% stake was traded through multiple off-board transactions. Turnover marked an increase of 85.3%, from the monthly average, standing at Rs. 4.5 billion. The Banking sector led the turnover by 24%, followed by the Capital Goods and Insurance sectors jointly contributing 36% of the overall turnover. Foreign investors remained net buyers, with a net inflow of Rs. 100 million.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as Hatton National Bank, Ceylinco Insurance and Sampath Bank.
High net worth and institutional investor participation was noted in Ceylinco Insurance, John Keells Holdings and C. W. Mackie. Mixed interest was observed in Hatton National Bank, LOLC Holdings and Sampath Bank whilst retail interest was noted in SMB Leasing, Softlogic Capital and Waskaduwa Beach Resort.
The Banking sector was the top contributor to the market turnover (due to Sampath Bank, Hatton National Bank and Pan Asia Banking Corporation) whilst the sector index gained 3.42%. The share price of Sampath Bank moved up by Rs. 2.50 to Rs. 108.75. The share price of Hatton National Bank recorded a gain of Rs. 19.25 to Rs. 274.00. The share price of Pan Asia Banking Corporation appreciated by Rs. 1.90 to Rs. 30.30.
The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 1.21%. The share price of John Keells Holdings gained 30 cents to Rs. 21.70.
Ceylinco Insurance was also included amongst the top turnover contributors with its share price increasing by Rs. 357.50 to Rs 3,045.75.
