Benchmark All Share Price Index tops 12,500 points mark after 2 years

The benchmark All Share Price Index (ASPI) of the Colombo stock market crossed the 12,500 points mark for the first time in two years thanks to the sustenance of positive investor sentiment. 

The ASPI gained by 122 points or almost 1% to close at 12,518.97 points. The active S&P SL 20 gained by 1.56%. During the week the ASPI and the S&P SL20 gained 0.9% and 1.6% respectively. Year to date, ASPI has gained by 17.5% and the S&P SL20 by 21.57%.

Turnover yesterday Rs. 2.5 billion involving 111.38 million shares. The week’s daily average turnover was Rs. 2.3 billion. This week’s gain however was marginally lower in comparison to 1.7% by ASPI and 1% by S&P SL20 last week with average turnover of Rs. 3.38 billion.

Asia Securities said maintaining its upward momentum, the market concluded the week on a high note as the ASPI breached the 12,500 level and closed at 12,519 points (+122 points). The banking sector saw strong performances from NDB (+4.9%), NTB (+4.9%), DFCC (+2.5%), COMB (+2.4%) and SEYB (+2.7%). Additionally, BIL (+1.5%), RCL (+4.0%), JKH (+1.3%), and LOLC (+2.1%) recorded sharp gains by the session’s close.

COMB (+17 points), NDB (+13 points), and JKH (+8 points) ended as the top contributors to the ASPI. Overall, 115 stocks ended in green while 76 settled with losses.

Turnover was led by BIL (Rs. 186 million), RCL (Rs. 184 million), and NDB (Rs. 177 million).

Asia also said foreigners recorded a net inflow of Rs. 41.1 million. Net foreign buying topped in SPEN at Rs. 31.5 million and selling topped in HAYL at Rs. 47 million.

First Capital said the Bourse surged with a notable gain of over 100 points, marking the second consecutive day of bullish trend as investor sentiment remained optimistic, mainly towards the Banking sector, with COMB and NDB leading as positive contributors. Moreover, investor interest was drawn to index heavyweights such as JKH and LOLC. 

Accordingly, bullish sentiment prevailed throughout the day, driving positive trading and leading the ASPI to surpass the 12,500 mark for the first time in two years. 

GRAN and ALUM witnessed significant collection during the day, following the YoY growth in earnings reported by both companies in the March 2024 quarter. Buoyed by a resurgence in overall market sentiment and declining interest rates observed at the recent Treasury bill auction, retail participation continued to strengthen in the equity market. 

NDB Securities said high net worth and institutional investor participation was noted in Hayleys, John Keells Holdings and Sampath Bank. Mixed interest was observed in Royal Ceramics, National Development Bank and Nations Trust Bank whilst retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing. 

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics and John Keells Holdings) whilst the sector index gained 1.46%. The share price of Royal Ceramics gained Rs. 1.40 to Rs. 36.40. The share price of John Keells Holdings recorded a gain of Rs. 2.75 to Rs. 208.75.

The Banking sector was the second highest contributor to the market turnover (due to National Development Bank and Nations Trust Bank) whilst the sector index increased by 1.94%. The share price of National Development Bank moved up by Rs. 3.90 to Rs. 83.90. The share price of Nations

Trust Bank appreciated by Rs. 5.75 to Rs. 122. Browns Investments was also included amongst the top turnover contributors. The share price of Browns Investments increased by 10 cents to Rs. 6.70.