CSE ends week on the up

The Colombo stock market managed to close the week on a positive note ahead of long holidays with improved investor sentiment.

The active S&P SL20 gained by 1.86% and the benchmark ASPI by 1.1%. However, for the week, the ASPI and the S&P SL 20 lost 0.9% and 1.1% respectively.

Turnover yesterday was Rs. 1.2 billion involving 50.13 million shares. The average turnover for the week was Rs. 1.17 billion.

First Capital said since the beginning of the trading session yesterday, ASPI experienced a renewed positive sentiment and subsequently closed the week at 10,683, gaining 116 points as Banking sector counters and high-cap companies gained the momentum. Majority of the sectors witnessed price gains across the board and improved participation of the HNW investors was also observed. Turnover saw a 6.4% increase from the previous day and marked a 38.7% increase from the average for the month.

The Capital Goods sector solely contributed 36% to the overall turnover whilst the Banking and Food, Beverage and Tobacco sectors jointly contributed 43% to the total turnover. Foreign investors remained net buyers, recording an inflow of Rs. 80.4 million.

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

High net worth and institutional investor participation was noted in Hatton National Bank, Richard Pieris & Company and Cable Solutions. Mixed interest was observed in John Keells Holdings, Hayleys and Vallibel One whilst retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing nonvoting.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings, Richard Pieris & Company, Hayleys and Vallibel One) whilst the sector index gained 0.75%. The share price of John Keells Holdings gained by one rupee to Rs. 161. The share price of Richard Pieris & Company moved up by 50 cents to Rs. 20.50. The share price of Hayleys recorded a gain of 30 cents to Rs. 88.30. The share price of Vallibel One appreciated by 10 cents to Rs. 42.90.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank) whilst the sector index increased by 2.77%. The share price of Hatton National Bank increased by Rs. 4.25 to Rs. 159.25.