Thursday Nov 14, 2024
Thursday Nov 14, 2024
Wednesday, 13 November 2024 00:28 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday apparently revved up for tomorrow’s Parliamentary Election with the benchmark ASPI momentarily touching 13,000-points mark and turnover crossing Rs. 4 billion.
Mid-day the ASPI surpassed 13,000-points level but closed the day at 12,988 points, up 0.9%. The active S&P SL20 gained by 0.85%. Turnover was Rs. 4.3 billion involving 132.3 million shares.
Investor sentiment remained bullish ahead of Thursday’s General Election at which President Anura Kumara Dissanayake’s National People’s Power (NPP) eyes a two-third majority though skeptics are wary.
First Capital said the Colombo Bourse sustained the bullish momentum for the 4th consecutive day as the majority of the sectors witnessed price gains across the board predominantly in the Banking sector counters. The ASPI started the day on a bullish note and touched the physiological 13,000-level post midday. However, ASPI closed the day at 12,989 gaining only 114 points. JKH, RICH, CTHR, BUKI and DFCC emerged as the top positive contributors to the index.
Amidst several crossings and increased participation from retail investors, turnover increased by 76.8% compared to Monday’s session and marked a 46.5% increase from the monthly average. The Banking sector led the turnover by 47%, followed by the Food, Beverage and Tobacco and Diversified Financials sectors jointly contributing 24% of the overall turnover. Foreign investors remained net sellers with a net outflow of Rs. 25.2 million.
NDB Securities said the ASPI closed in green as a result of price gains in counters such as John Keells Holdings, Richard Pieris & Company and C T Holdings.
Crossings were witnessed in Hatton National Bank, Overseas Realty and LOLC Holdings accounting for 40.6% of the turnover. Mixed interest was observed in Sampath Bank, Browns Investments and John Keells Holdings whilst retail interest was noted in Waskaduwa Beach Resort, SMB Leasing and Maharaja Foods.
The Banking sector was the top contributor to the market turnover (due to Hatton National Bank and Sampath Bank) whilst the sector index gained 0.58%. The share price of Hatton National Bank increased by 75 cents to Rs. 230.75. The share price of Sampath Bank moved up by 40 cents to Rs. 89.50.
The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index increased by 1.23%. The share price of Browns Investments recorded a gain of 10 cents to Rs. 6.10.
Overseas Realty and John Keells Holdings were also included amongst the top turnover contributors. The share price of Overseas Realty gained 30 cents to Rs. 19. The share price of John Keells Holdings appreciated by 50 cents to Rs. 21.40.
