CSE posts modest recovery

Thursday, 21 November 2024 00:26 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday posted a modest recovery from Tuesday’s dip amidst relatively low turnover in comparison to recent sessions.

The benchmark ASPI was up 8 points or 0.06% and the active S&P SL 20 was up by 5 points or 0.13%. Turnover was Rs. 2.7 billion involving 137.5 million shares.

First Capital said the Bourse experienced a recovery from Tuesday’s profit-taking as the market faced a relatively volatile trading session with Banks and blue-chip firms recording mixed trading activity.

JKH, COMB, LIOC, AEL and RIL emerged as the top positive contributors to the index. Additionally, stocks in the Food, Beverage, & Tobacco sector, such as CCS and WATA, along with Hotel sector counters continued to attract investor interest throughout the day. Participation from both retail and HNW investors saw a decline compared to previous sessions, with turnover falling by 26.8% from the monthly average. The Capital Goods sector led turnover, accounting for 26%, followed by the Banking and Food, Beverage and Tobacco sectors, which together contributed 34% of the total turnover. Foreign investors remained net sellers with a net outflow of Rs. 366 million.

NDB Securities said the ASPI edged up as a result of price gains in counters such as John Keells Holdings, Commercial Bank and Lion Brewery.

High net worth and institutional investor participation was noted in John Keells Holdings, CIC Holdings and Sampath Bank. Mixed interest was observed in R.I.L. Property, Commercial Bank and Lanka Milk Foods whilst retail interest was noted in SMB Leasing nonvoting, Softlogic Capital and LOLC Finance.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 0.64%. The share price of John Keells Holdings increased by 20 cents to Rs. 20.70.

The Banking sector was the second highest contributor to the market turnover (due to Commercial Bank and Sampath Bank) whilst the sector index increased by 0.16%. The share price of Commercial Bank moved up by one Rupee to Rs. 123.25. The share price of Sampath Bank recorded a loss of 30 cents to Rs. 94.70.

R I L Property and Lanka Milk Foods were also included amongst the top turnover contributors. The share price of R.I.L. Property gained 90 cents to Rs. 10.20. The share price of Lanka Milk Foods appreciated by Rs. 1.10 to Rs. 33.10.