Thursday Nov 14, 2024
Thursday Nov 14, 2024
Wednesday, 18 November 2020 00:07 - - {{hitsCtrl.values.hits}}
The Colombo stock market gave an early thumbs up for 2021 Budget though it heard only about 30-40 minutes of its reading before closure but that was apparently enough.
The All Share Price Index ended closing up 32 points or 0.5% and the S&P SL20 finished up nine points or 0.4%. In between 1:30 p.m. and 2:30 p.m. both indices dipped but recovered apparently reacting to positive moves on capital markets from Budget.
Turnover was Rs. 2.2 billion. Yesterday’s positive close was after marginal dip with investors subdued on Monday.
Analysts said test for the CSE will be today after investors assess the pros and cons of the 2021 Budget which the Government termed it as development oriented and investor friendly.
First Capital said: “2021 Budget reading optimism reverted the direction of the market back to positive and reversing the trend witnessed for the past three consecutive sessions.”
“Index experienced a gradual upward movement since the beginning of the session and reached its intraday high of 6,115, before closing at 6,109 gaining 32 points,” it added.
Materials sector counters led the turnover followed by Transportation sector making a joint contribution of 56%.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as Expolanka Holdings, Sri Lanka Telecom and Melstacorp.
It said high net worth and institutional investor participation was noted in Commercial Bank. Mixed interest was observed in CIC Holdings, Haycarb and Dialog Axiata, whilst retail interest was noted in Expolanka Holdings, Dipped Products and Tokyo Cement Company non-voting.
Materials sector was the top contributor to the market turnover (due to Dipped Products, CIC Holdings, Haycarb and Tokyo Cement Company non-voting), whilst the sector index gained 2.70%. The share price of Dipped Products gained Rs. 7.90 (2.45%) closing at Rs. 331.00, whilst foreign holdings decreased by 149,500 shares.
The share price of CIC Holdings moved up by Rs. 6.60 (4.98%) to close at Rs. 139.10, whilst the share price of Haycarb recorded a gain of Rs. 16.30 (3.64%) to close at Rs. 464.60. The share price of Tokyo Cement Company non-voting appreciated by Rs. 1.80 (3.46%) to close at Rs. 53.80.
Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 5.75%. The share price of Expolanka Holdings increased by Rs. 1.50 (5.77%) to close at Rs. 27.50.
Foreign investors continued to net sellers to the tune of Rs. 50 million, as against Rs. 26 million on Monday.
Separately Commercial Development Company announced an interim dividend of Rs. 2.00 per share.
