CSE ends General Election week on a high

Friday, 15 November 2024 00:24 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday concluded a shortened week on a high note with sharp gains in indices and a surge in turnover.

The benchmark ASPI gained by 3.1% and the active S&P SL20 by 3.8%. In the previous week ASPI and S&P SL20 lost 0.5% and 1.2% respectively. Turnover averaged Rs. 4.37 billion this week as against Rs. 2.32 billion last week. Despite a shortened trading hours yesterday due to the 2024 Parliamentary poll, the market yesterday remained bullish.

The ASPI gained by 0.56% and the S&P SL20 by 1%. Turnover was Rs. 3.8 billion involving 156.7 million shares.

First Capital said a mixed bag of quarterly results swayed investors, leading to mixed sentiment as Colombo Bourse experienced a relatively volatile trading session with ASPI soaring to 13,199, gaining 74 points.

Retail favourites such as BIL, along with Banking sector counters like SAMP, COMB, NTB and PABC, took the centre stage following their commendable quarterly results.

On the back of stable participation from HNW and retail investors, turnover marked a 16.5% increase from the monthly average. Moreover, the Banking sector led the turnover by 43%, followed by the Food, Beverage & Tobacco and Capital Goods sectors jointly contributing 34% of the overall turnover. Foreign investors remained net sellers with a net outflow of Rs. 155.5 million.

NDB Securities said indices closed in green as a result of price gains in counters such as Sampath Bank, Commercial Bank and DFCC Bank.

High net worth and institutional investor participation was noted in Hemas Holdings, DFCC Bank and Digital Mobility Solutions Lanka. Mixed interest was observed in Browns Investments, Sampath Bank and Commercial Bank whilst retail interest was noted in LOLC Finance, Marawila Resorts and Waskaduwa Beach Resort.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank, DFCC Bank, Commercial Bank and Nations Trust Bank), whilst the sector index gained 1.62%. The share price of Sampath Bank gained Rs.3.60 to Rs. 96.10. The share price of DFCC Bank moved up by Rs. 2.30 to Rs. 87.80. The share price of Commercial Bank recorded a gain of Rs. 3.25 to Rs. 122.50. The share price of Nations Trust Bank appreciated by Rs. 6 to Rs. 150.25.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index increased by 0.35%. The share price of Browns Investments increased by 20 cents to Rs. 6.50.

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