CSE begins new week on the up

Tuesday, 12 March 2024 01:55 - - {{hitsCtrl.values.hits}}

The Colombo stock market began a fresh week on the up aided by investors remaining positive and active.

Both indices gained by over 0.7% and turnover amounted to Rs. 1.95 billion involving 151.4 million shares.

Asia Securities said the indices continued their upward trajectory driven by LOLC group which saw continued buying from investors for a second consecutive session.

The ASPI crossed the 11,100 mark with BIL (+5.6%), LOFC (+1.8%), UAL (+13.2%), SCAP (+6.2%), AEL (+5.1%), and WATA (+6.4%) leading the way. The breadth of the market was strong with 124 price gainers and 75 decliners.

Market turnover was led by BIL (Rs. 191 million), LOFC (Rs. 168 million), and UAL (Rs. 115 million).

Asia also said foreigners recorded a net outflow of Rs. 27.1mn. Net foreign buying topped in COMB.N at Rs. 15 million and selling topped in HHL at Rs. 28.5 million.

First Capital said the bourse halted its activities on the green zone propagating optimism for the 6th consecutive session, gaining 79 points to register at 11,125, surpassing the 11,000 territory recording at a 5 month high.

The index was mainly backed by selected banking sector counters namely, COMB and SAMP during the day. Moreover, UAL and CTC also backed the index exceptionally well as the investors displayed improved interaction due to the proximity of the XD dates which is scheduled for 12 March.

Notably, UAL witnessed robust interaction during the day influenced by the company being one of the top bidders for the sale of Sri Lanka Insurance corporation (SLIC). Furthermore, Tourism sector shares continued its positive sentiment in the market for yet another day as tourists’ arrivals further remained strong which resulted in the tourism earnings for February to record at $ 345.7 million recording an uptick

of 113.9% YoY.

NDB Securities said high net worth and institutional investor participation was noted in Lanka Walltiles, Lanka IOC and Hatton National Bank. Mixed interest was observed in Browns Investments, LOLC Finance and Union Assurance whilst retail interest was noted in Amana Bank, Softlogic Capital and Marawila Resorts.

The Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Browns Investments and Lanka Milk Foods) whilst the sector index gained 0.34%. The share price of Browns Investments increased by 30 cents to Rs. 5.70. The share price of Lanka Milk Foods recorded a loss of 60 cents to Rs. 27.40.

The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Finance) whilst the sector index increased by 0.25%. The share price of LOLC Finance gained 10 cents to Rs. 5.70.

Union Assurance and Lanka Walltiles were also included amongst the top turnover contributors. The share price of Union Assurance moved up by Rs. 6.60 to Rs. 56.60. The share price of Lanka Walltiles appreciated by one rupee to Rs. 53.