CSE closes Friday on the up; ends week with loses

The Colombo stock market yesterday ended on the up amidst low turnover whilst finishing the week with losses.

Both indices gained by 0.4%. During the week, the ASPI and the S&P SL20 lost 1.2% and 2.0% respectively.

Turnover yesterday was Rs. 403.3 million involving 17 million shares. For the week turnover averaged Rs. 560 million.

First Capital said the bourse experienced a day of positive sentiment rebounding from the losses recorded during the past few trading days. The ASPI closed at 11,303, gaining 49 points and marking a 0.44% increase from the previous day to which the most significant contributors were SAMP, RICH, SPEN, LOLC, and AEL, reflecting bargain hunting amongst banks and blue-chip firms.

The lack of activity from both HNW investors and retailers during today’s market triggered the turnover to decline to Rs. 403.4 million, displaying a 36% decrease from the previous day, where the Capital Goods sector led turnover by 29%, followed by the Food, Beverage and Tobacco, and Banking sectors jointly contributing to 45% of overall turnover.

There was a net foreign inflow of Rs. 24.3 million signalling interest in local investments. The market overall saw a day of positive sentiment alongside an improved environment and the presence of bargain buying activity.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Sampath Bank, Richard Pieris & Company and Aitken Spence. A similar behaviour was witnessed in the S&P SL20.

High net worth and institutional investor participation was noted in John Keells Holdings, Sunshine Holdings and Commercial Bank. Mixed interest was observed in Access Engineering, Sampath Bank and Ceylon Cold Stores whilst retail interest was noted in Browns Investments, SMB Leasing and LVL Energy Fund.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Access Engineering) whilst the sector index gained 0.67%. The share price of John Keells Holdings increased by 25 cents to Rs. 179.75. The share price of Access Engineering moved up by 80 cents to Rs. 21.80.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Sunshine Holdings) whilst the sector index increased by 0.20%. The share price of Sunshine Holdings gained 40 cents to Rs. 60.

Commercial Bank and Sampath Bank were also included amongst the top turnover contributors. The share price of Commercial Bank edged down of 10 cents to Rs. 89. The share price of Sampath Bank appreciated by Rs. 1.20 to Rs. 75.70.