Saturday Nov 23, 2024
Saturday Nov 23, 2024
Friday, 18 September 2020 00:30 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday sustained its new found momentum recording over Rs. 3 billion turnover for the third consecutive day with strong rise by the indices.
Acuity Stockbrokers said the bourse ended on a positive note as the ASPI increased by 1.31% or 73.26 points to close at 5,658.66 points, while the S&P SL20 Index also increased by 3.06% or 73.71 points to close at 2,480.07.
Turnover decreased by 3.4% relative to Wednesday to Rs. 3.41 billion.
Foreign investors recorded a net outflow of Rs. 242 million as against a net outflow of Rs. 336 million on Wednesday.
First Capital said Bourse reached a near eight-month high aided by the extended rally in mid-caps.
“ASPI experienced a spike within the first few minutes of trading, thereafter recorded a downtrend till mid-day. Later market recovered and witnessed an upward movement predominantly due to the heavy buying interest in selected Material and Banking counters,” it said.
The market eventually closed at 5,659 recording the highest intraday gain of 73 points, after three-and-a-half months, First Capital added.
Banking counters took over the dominance in the turnover almost after two weeks closely followed by Material counters making a combined contribution of 48%. Foreign investors continued to be net-sellers while recording low participation.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as Commercial Bank, Sampath Bank and Asiri Hospital Holdings.
High net worth and institutional investor participation remained subdued for the day whilst mixed interest was observed in Hayleys Fabric, Tokyo Cement Company voting and non-voting and Melstacorp. Retail interest was noted in Expolanka Holdings, Access Engineering and People’s Leasing & Finance.
The Banking sector was the top contributor to the market turnover (due to Commercial Bank), whilst the sector index gained 4.54%. The share price of Commercial Bank appreciated by Rs. 3.40 (4.30%) closing at Rs. 82.40 whilst foreign holdings decreased by 778,735 shares.
Materials sector was the second highest contributor to the market turnover (due to Tokyo Cement Company nonvoting and Tokyo Cement Company), whilst the sector index increased by 2.36%. The share price of Tokyo Cement Company non-voting gained Rs. 2.90 (6.78%) to close at Rs. 45.70 while the share price of Tokyo Cement Company moved up by Rs. 2.00 (3.80%) to close at Rs. 54.70.
Hayleys Fabric and Melstacorp were also included amongst the top turnover contributors. The share price of Hayleys Fabric increased by Rs. 3.00 (15.87%) to close at Rs. 21.90, while the share price of Melstacorp recorded a gain of Rs. 1.10 (3.24%) closing at Rs. 35.10 whilst foreign holdings decreased by 2,812,131 shares.
