CSE closes week on the up; ASPI crosses 12,000 points

The Colombo stock market yesterday closed the week on the up with the benchmark ASPI crossing the 12,000 points-mark as investors reverted to buying mode.

After two days of dips due to profit taking, the ASPI gained by 1% or 123.50 points to close at 12,053 and the active S&P SL20 gained by 1.7%.

During the week, the ASPI and the S&P SL 20 gained 2.4% and 3.9% respectively.

Turnover yesterday was Rs. 2.8 billion involving 71.4 million shares, whilst the daily average for the week was Rs. 2.52 billion.

First Capital said the broader market regained momentum during the day, pivoting from the selling pressure witnessed during the previous sessions as it eased on the green zone. The index reached a 3 month high, as it closed at 12,053 gaining 124 points. Banking sector and blue chip stocks mostly backed the positive momentum namely JKH, SAMP, HNB and NDB.

Turnover was 56.6% higher than the monthly average. HNW investors mostly attributed to the inclined revenue as 35.4% of the turnover was dominated by off board transactions whilst retail participation was commendable. Banking sector contributed 64% of the overall turnover whilst Capital Goods and Food, Beverage and Tobacco sectors jointly contributed 18%.

NDB Securities said indices closed in green as a result of price gains in counters such as John Keells Holdings, Sampath Bank, and Hatton National Bank.

High net worth and institutional investor participation was noted in Sampath Bank, Hatton National Bank and Chevron Lubricants. Mixed interest was observed in Commercial Bank, John Keells Holdings, and Digital Mobility Solutions Lanka whilst retail interest was noted in LVL Energy Fund, Agarapatana Plantations, and Industrial Asphalts.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank, Hatton National Bank and Commercial Bank) whilst the sector index gained 1.70%. The share price of Sampath Bank increased by Rs. 2.30 to Rs. 81.30. The share price of Hatton National Bank gained Rs. 3 to Rs. 215.25. The share price of Commercial Bank moved up by one rupee to Rs. 105.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 2.27%. The share price of John Keells Holdings recorded a gain of Rs. 5.75 to Rs. 186.25.

Chevron Lubricants was also included amongst the top turnover contributors with its share price gaining Rs. 1.75 to Rs. 124.50.