CSE ends week on positive note

The Colombo stock market ended the week on a positive note closing on the up on Friday and rounding up the gain by 1.3%. NDB Equities said the ASPI closed in green as a result of price gains in counters such as LOLC Holdings, Distilleries and Bukit Darah with the turnover crossing Rs. 472 million.

A similar behaviour was witnessed in the S&P SL20. 

High net worth and institutional investor participation was noted in John Keells Holdings, Renuka Capital and Renuka Hotels. Mixed interest was observed in LOLC Holdings whilst retail interest was noted in Browns Investments. Furthermore, foreigners closed as net sellers mainly due to foreign selling in LOLC Holdings and Sampath Bank.

NDB said during the week, the ASPI and the S&P SL20 gained 1.29% and 0.89%, respectively, whilst recording an average daily turnover of Rs. 354 million.

The Banks, Finance and Insurance sector was the top contributor to the market turnover (due to LOLC Holdings and Sampath Bank) whilst the sector index gained 1.42%. The share price of LOLC Holdings increased by Rs. 16.70 (12.95%) closing at Rs. 145.70 whilst foreign holdings decreased by 360,002 shares. The share price of Sampath Bank appreciated by Rs. 0.30 (0.18%) closing at Rs. 168.90 whilst foreign holdings decreased by 117,279 shares.

Diversified sector was the second highest contributor to the market turnover (due to Browns Investments and John Keells Holdings) whilst the sector index edged down by 0.07%. The share price of Browns Investments and John Keells Holdings closed flat at Rs. 4.70 and Rs. 165, respectively.

Renuka Capital was also included amongst the top turnover contributors. The share price of Renuka Capital recorded a loss of Rs. 0.10 (2.56%) to close at Rs 3.80.

Acuity Stockbrokers said Hatton Plantations was the highest contributor to the week’s turnover value, contributing Rs. 0.24 billion or 17.07% of total turnover value. JKH followed suit, accounting for 15.57% of turnover (value of Rs. 0.22 billion) while LOLC Holdings contributed Rs. 0.15 billion to account for 10.64% of the week’s turnover. 

Total turnover value amounted to Rs. 1.42 billion (cf. last week’s value of Rs. 1.99 billion), while daily average turnover value amounted to Rs. 0.35 billion (-10.90% W-o-W) compared to last week’s average of Rs. 0.40 billion. 

Market capitalisation meanwhile, increased by 1.29% W-o-W (or Rs. 36.24 billion) to Rs. 2,848.25 billion cf. Rs. 2,812.01 billion last week.

The Banks, Finance and Insurance sector was the highest contributor to the week’s total turnover value, accounting for 29.13% (or Rs. 0.41 billion) of market turnover. Sector turnover was driven primarily by LOLC Holdings, Sampath Bank, Seylan [NV], Seylan [V] and Commercial Bank which accounted for 76.98% of the sector’s total turnover. The Diversified sector meanwhile accounted for 22.82% (or Rs. 0.32 billion) of the total turnover value, with turnover driven primarily by JKH and Browns Investments which accounted for 92.66% of the sector turnover. 

The Plantations sector was also amongst the top sectorial contributors, contributing 17.35% (or Rs. 0.25 billion) to the total turnover, with turnover driven primarily by Hatton Plantations accounting for 98.44% of the total turnover.

The Plantations sector dominated the market in terms of share volume, accounting for 34.43% (or 29.49 million shares) of total volume, with a value contribution of Rs. 0.25 billion. The Diversified sector followed suit, adding 22.50% to total turnover volume as 19.27 million shares were exchanged. The sector’s volume accounted for Rs. 0.32 billion of total market turnover value. 

The Banks, Finance and Insurance sector meanwhile, contributed 9.78 million shares (or 11.43%), amounting to Rs. 0.41 billion. 

Blue Diamonds [NV] was the week’s highest price gainer; increasing 33.3% W-o-W from Rs. 0.30 to Rs. 0.40 while LOLC Dev Finance (+25.2% W-o-W), Tess Agro (+20.0% W-o-W) and LOLC Holdings (+15.0% W-o-W) were also amongst the top gainers. 

Bimputh Finance was the week’s highest price loser; declining 13.5% W-o-W to close at Rs. 25.70 while Hatton Plantations (-11.4% W-o-W), Trans Asia (-8.4% W-o-W) and Jetwing Symphony (-8.3% W-o-W) were also amongst the top losers over the week.

Acuity said foreign investors closed the week in a net buying position with total net inflow amounting to Rs. 4.90 million relative to last week’s total net outflow of Rs. 149.1 million (+103.29% W-o-W). Total foreign purchases decreased by 57.7% W-o-W to Rs. 0.24 billion from last week’s value of Rs. 0.57 billion, while total foreign sales amounted to Rs. 0.23 billion relative to Rs. 0.72 billion recorded last week (-67.2% W-o-W). In terms of volume, JKH and Union Bank led foreign purchases while Piramal Glass and Chevron led foreign sales. In terms of value, JKH and Union Bank led foreign purchases while Chevron and LOLC Holdings led foreign sales.