CSE manages to be positive despite YTD net foreign outflow crossing Rs. 3 b mark

The Colombo stock market managed yesterday to remain on the up despite net foreign outflow crossing the Rs. 3 billion mark year to date.

The benchmark ASPI gained by 17 points or 0.1% and the active S&P SL20 by 0.1% or 5.5 points. Turnover was Rs. 572.5 million involving 27.3 million shares. Asia Securities said the market commenced the week on a positive note with the ASPI continuing its upward trend for a ninth consecutive session. VPEL (+4.2%), EXPO (+3.1%), CFLB (+3.1%), and UALN (+1.9%) recorded sharp price gains while HHL (-2.7%), SCAP (-3.2%), LMF (-1.7%), HAYL (-1.7%), and CALT (-1.5%) closed in red. 

EXPO contributed the most to the ASPI (+7 points), followed by HNB (+6 points), and MELS (+5 points) while HHL (-4 points), HAYL (-3 points) and RICH (-3 points) came in as the biggest laggards on the ASPI. Overall, 80 stocks recorded price gains during the session while 82 settled with losses.

Market turnover was driven by EXPO (Rs. 94mn), JKH (Rs. 40mn), DIST (Rs. 26mn), and CALT (Rs. 22mn).

Asia also said foreigners recorded a net outflow of Rs. 73.3mn. Net foreign buying topped in JETS at Rs. 4.7mn and selling topped in EXPO at Rs. 42.9mn.

First Capital said the bourse ended in the green today, extending its streak to 9 consecutive sessions in the green zone. ASPI was observed to be volatile, yet only fluctuating within the small range of 10570- 10600 as investor participation was relatively low resulting in a dull day in the market. 

It said the ASPI managed to end the session at a 17 point gain to 10,584, continuing February’s green streak. Turnover was recorded 58% lower than the month’s average of Rs. 1.4Bn, as investor participation weakened today. The Capital Goods sector and the Food, Beverage & Tobacco sector were the largest contributors to the total turnover with a joint contribution of 34%. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings and Distilleries. Mixed interest was observed in Expolanka Holdings, Sampath Bank and Capital Alliance whilst retail interest was noted in Dialog Axiata, Browns Investments and Softlogic Capital. 

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index edged up by 0.06%. The share price of John Keells Holdings gained Rs 1.25 to Rs 187.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Distilleries) whilst the sector index increased by 0.23%. The share price of Distilleries moved down by 20 cents to Rs. 25.80.

Expolanka Holdings, Capital Alliance and Sampath Bank were also included amongst the top turnover contributors. The share price of Expolanka Holdings increased by Rs 4 to Rs 134. The share price of Capital Alliance recorded a loss of 80 cents to Rs. 51.10. The share price of Sampath Bank declined by 10 cents to Rs 72.80.