CSE gathers further momentum as ASPI reaches 32-month high

Tuesday, 29 October 2024 02:57 - - {{hitsCtrl.values.hits}}

The Colombo stock market gathered further momentum yesterday to new highs as investors turned bullish.

Turnover crossed the Rs. 4 billion mark for the third consecutive market day to Rs. 4.4 billion involving 136.6 million shares. The benchmark ASPI gained by 0.7% to a 32-month high of 12,610 points. The active S&P SL20 gained by 0.8%.

First Capital said the Colombo bourse started the week echoing the positive sentiment of the previous week as most of the sectors witnessed price gains across the board.

Amidst increased participation from retail, HNW, and institutional investors compared to the previous session, APSI reached over a two year and 8-month high, closing at 12,610, gaining 92 points. LOLC, BIL, NDB, SAMP, and MELS emerged as top positive contributors to the index.

Amidst multiple off-board transactions, the turnover marked a 72.6% increase from the monthly average. Moreover, off-board transactions contributed 36.5% to the overall turnover. The Banking sector led turnover by 36%, followed by the Capital Goods and Material sectors jointly contributing 31% of the overall turnover. Foreign investors remained net sellers, with a net outflow of Rs. 12.2 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as LOLC Holdings, Browns Investments, and the National Development Bank.

High net worth and institutional investor participation was noted in Hatton National Bank, Sampath Bank, and CIC Holdings. Mixed interest was observed in Digital Mobility Solutions Lanka, Browns Investments, and John Keells Holdings, whilst retail interest was noted in Marawila Resorts, Hela Apparel Holdings, and SMB Leasing.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index gained 0.89%. The share price of Hatton National Bank increased by Rs. 0.50 to Rs. 219.50. The share price of Sampath Bank gained by Rs. 1 to Rs. 86.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings and Access Engineering) whilst the sector index decreased by 0.44%. The share price of John Keells Holdings recorded a loss of Rs. 1.50 to Rs. 212.50. The share price of Access Engineering appreciated by Rs. 0.30 to Rs. 25.30.

CIC Holdings was also included amongst the top turnover contributors with its share price gaining by Rs. 3 to Rs. 80.