CSE rebounds but closes week on a mixed note

Friday, 7 April 2023 00:40 - - {{hitsCtrl.values.hits}}

The Colombo stock market managed to eke out a gain yesterday but closed on a mixed note amidst low investor activity. The benchmark ASPI gained by 83 points or 0.9% and the active S&P SL20 by over 21 points or 0.8%.

For the holidays-shortened week, the ASPI declined by 44 points or 0.5% whilst the S&P SL20 gained by 3 points or 0.1%. Turnover yesterday was Rs. 812 million whilst for the week it averaged Rs. 717 million, down from Rs. 1.6 billion last week.

Asia Securities said the indices closed in green on Thursday supported by price gains in TKYON (+1.8%), TKYOX (+2.4%), SLTL (+9.6%), EXPO (+1.4%), SAMP (+1.6%), LIOC (+2.2%), RCL (+2.5%), and DIAL (+1.0%). On the flipside, COOP (-12.1%), AAIC (-3.6%), SCAP (-1.8%), DIST (-1.1%), and COMBX (-3.2%) closed lower during the session. VONE (+19 points) came in as the major index mover, followed by SAMP (+7 points), and SLTL (+7 points). The breadth of the market turned positive with 102 price gainers and 68 decliners.

Turnover on Thursday was led by TKYOX (Rs. 100million), ACL (Rs. 81 million), and SLTL (Rs. 72 million).

Asia also said foreigners recorded a net inflow of Rs. 67mn. Net foreign buying topped in TKYO.X at Rs. 65.3 million followed by MELS (Rs. 23 million) and selling topped in JKH at Rs. 8.5million.

First Capital said the broad market closed positively reversing losses of the previous sessions whilst investor interest clustered on index-heavy weights. The Index moved on a steady uptrend during the session amidst renewed interest observed on treasury counters following the drastic dip in yields in both primary market and secondary market.

Telecommunication and Healthcare Equipment sectors too witnessed buoyant activities during the day. ASPI closed in green at 9,257 gaining 83 points largely aided by the contribution from VONE, SAMP and SLTL. However, turnover continued to remain low as investors were sidelined amidst the holiday-shortened week.

NDB Securities said high net worth and institutional investor participation was noted in Melstacorp and Sampath Bank. Mixed interest was observed in Tokyo Cement Company nonvoting, ACL Cables and Expolanka Holdings whilst retail interest was noted in SMB Leasing (voting and nonvoting), Co-operative Insurance and Browns Investments.

The Materials sector was the top contributor to the market turnover (due to Tokyo Cement Company nonvoting) whilst the sector index gained 0.75%. The share price of Tokyo Cement Company nonvoting increased by Rs. 1.10 tot Rs. 47.10.

The Capital Goods sector was the second highest contributor to the market turnover (due to ACL Cables) whilst the sector index increased by 0.17%. The share price of ACL Cables gained by one Rupee to Rs. 84.00.

Sri Lanka Telecom, Expolanka Holdings and Melstacorp were also included amongst the top turnover contributors. The share price of Sri Lanka Telecom moved up by Rs. 8.75 (9.56%) to Rs. 100.25. The share price of Expolanka Holdings recorded a gain of Rs. 2 to Rs. 146.25. The share price of Melstacorp appreciated by 70 cents to Rs. 55.