Thursday Jan 23, 2025
Thursday Jan 23, 2025
Thursday, 23 January 2025 05:26 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday gathered more momentum, fuelled by bullish sentiments on banks, which boosted turnover to over Rs. 10 billion amidst gains by indices.
The benchmark ASPI improved by 1.4% or 231 points and the active S&P SL20 by 2%.
Turnover was Rs. 10.6 billion involving 338 million shares.
Turnover was led by HNB (Rs. 1 billion), Browns Investments (Rs. 984.6 million), Commercial Bank (Rs. 926 million), NDB (Rs. 903.6 million), and JKH (Rs. 588.4 million).
NDB saw a crossing of 3.68 million shares at Rs. 135 each, whilst Commercial Bank saw 2 million shares done at Rs. 146.50 via three crossings, among other crossings. JKH saw 7.3 million shares done via three crossings at Rs. 24 per share and Sampath Bank saw 1 million shares at Rs. 124 each via two crossings.
First Capital said the bourse experienced positive sentiment and increased activity. Positive sentiment was noted among all market participants, including HNW and retail investors.
HNB, NDB, CTC, LOLC, and BIL emerged as the top positive contributors to the index. The banks’ rating upgrade announcement fuelled investor interest towards the sector, contributing significantly to the positive sentiment. Turnover marked a 47.5% increase from the monthly average.
The Banking sector was the most significant contributor to turnover with a 46% share, followed by the Food, Beverage and Tobacco sector at 15%, largely due to BIL. The Diversified Financials and Capital Goods sectors tied at 12% contribution each towards overall turnover.
Foreign investors remained net sellers, with a net outflow of Rs. 670 million.
NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, National Development Bank, and John Keells Holdings. Mixed interest was observed in Browns Investments, Hatton National Bank, and LOLC Holdings, whilst retail interest was noted in Waskaduwa Beach Resort, Lanka Credit and Business Finance, and Cable Solutions.
The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Commercial Bank, and National Development Bank) whilst the sector index gained 2.53%. The share price of Hatton National Bank increased by Rs. 14.50 to Rs. 349.25. The share price of Commercial Bank moved up by Rs. 2.25 to Rs. 149.75. The share price of National Development Bank recorded a gain of Rs. 7 to Rs. 132.25.
The Food, Beverage and Tobacco sector was the second highest contributor to market turnover (due to Browns Investments) whilst the sector index increased by 1.48%. The share price of Browns Investments gained Rs. 0.70 to Rs. 8.60.
John Keells Holdings was also included amongst the top turnover contributors. The share price of John Keells Holdings appreciated by Rs. 0.30 to Rs. 24.
