Friday Sep 20, 2024
Friday Sep 20, 2024
Thursday, 27 October 2022 03:41 - - {{hitsCtrl.values.hits}}
The Colombo stock market (CSE) limped its way to recovery and closed on the up after three days of losses though investor activity remained muted.
The active S&P SL20 Index gained by over 2% and the benchmark ASPI by 1%. Turnover was Rs. 1.25 billion involving 56.2 million shares. Foreigners remained net buyers.
Asia Securities said indices closed higher after three sessions of losses on the back of price gains in LIOC (+10.0%), EXPO (+7.1%), RCL (+4.8%), SAMP (+1.1%), CICN (+3.4%), CICX (+1.5%), and TKYOX (+9.1%).
The ASPI gained 87 points (+1.0%) to close at 8,603 while the S&P SL20 advanced 54 points (+2.1%) to end at 2,608.
Turnover was led by LIOC (Rs. 286 million), EXPO (Rs. 157 million), and JKH (Rs. 134 million).
A net foreign inflow of Rs. 101 million was recorded during the session led by CIC (Rs. 72 million), DIAL (Rs. 14 million), and RICH (Rs. 9 million).
LIOC provided the biggest boost to the ASPI during the session, contributing 22 points to the index followed by EXPO (+19 points), and RICH (+7 points). The breadth of the market turned positive with 116 stocks closing higher and 76 settling with losses.
First Capital said the bourse recorded gains after three consecutive losses in the previous sessions as investor interest bounced back positively aided by the release of quarterly results.
ASPI moved with sharp volatility during the day with the index plummeting shortly into the market opening. However, by mid-day, index gradually recovered as investors resolved to collect heavily beaten stocks especially considering the quarter performance of selected counters and positive expectations on impending results while retail favourites, LIOC and EXPO led the ASPI to green and closed for the day at 8,603 gaining 87 points.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as Expolanka Holdings, Lanka IOC and Royal Ceramics.
It said high net worth and institutional investor participation was noted in John Keells Holdings, Kahawatte Plantations and R I L Property. Mixed interest was observed in Lanka IOC, Expolanka Holdings and CIC Holdings whilst retail interest was noted in Industrial Asphalts, Browns Investments and LOLC Finance.
Energy sector was the top contributor to the market turnover (due to Lanka IOC) whilst the sector index gained 9.05%. The share price of Lanka IOC increased by Rs. 17.75 (10%) to close at Rs. 194.50.
The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings and ACL Cables) whilst the sector index increased by 0.97%. The share price of John Keells Holdings moved up by 75 cents (0.58%) to close at Rs. 129.75. The share price of ACL Cables appreciated by Rs. 3.30 (3.86%) to close at Rs. 88.80.
Expolanka Holdings and CIC Holdings were also included amongst the top turnover contributors. The share price of Expolanka Holdings gained Rs. 10.50 (7.06%) to close at Rs. 159.25. The share price of CIC Holdings recorded a gain of Rs. 3.10 (3.38%) to close at Rs. 94.80.
