CSE’s All Share Price Index sets new record with robust turnover

The Colombo stock market yesterday set a new benchmark as investors remained bullish for the second consecutive day with robust turnover though some profit-taking was evident. 

The All Share Price Index touched an all-time high of 9,339 points, up by over 69 points from Monday. In early trading, ASPI gained much higher touching 450-levels. The S&P SL 20 gained by 28 points or 0.8%.  Turnover crossed the Rs. 6 billion mark for the second consecutive session whilst 263.5 million shares were transacted. 

Year-to-date the ASPI is up 37.8% and S&PSL20 crossed the 30% mark yesterday.

First Capital said the bourse retained its bullish stance for a fifth straight session while recording an all-time closing high of 9,339. 

“Index kicked off on a positive note, reaching an intraday high of 9,453 during the first few minutes of trading, however, the optimism was soon overshadowed by low investor spirits sparking a sell-off, dragging the market down to an intraday low of 9,268 by mid-day. Nevertheless, the index managed to end the day in the positive territory as a buying spree emerged towards the end erasing most of the losses, before closing at 9,339,” First Capital added.

It said turnover of Rs. 6.6 billion was led by the Transportation sector, followed by the Capital Goods sector, accounting for a joint contribution of 51%. 

Asia Securities also said the market ended in the positive territory for the fifth consecutive session with the ASPI reaching a fresh record high of 9,339.28 (+69.6) points surpassing its previous all-time high recorded earlier this month. 

It said turnover remained at stronger levels on the back of retail and HNI activity in EXPO as the stock accounted for 33% of total turnover and extended sharp gains throughout the session. 

“The ASPI surged over 176 points at the market open to cross the 9,400 mark and gradually stabilised above the 9,300 level, supported by price gains in index-heavy counters such as EXPO, LOLC, CLC, and JKH. Foreign selling in JKH and GHLL were absorbed by local investors while market breadth remained positive with 101 price gainers against 94 decliners,” Asia said. 

It said foreigners recorded a net outflow of Rs. 296 million while their participation declined to 2.5% of turnover (previous day 6%). Net foreign buying topped in Balangoda Plantations at Rs. 3 million and net selling topped in JKH at Rs. 136 million. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Expolanka Holdings, LOLC Holdings and Commercial Leasing and Finance.

It said high net worth and institutional investor participation was noted in Browns Investments, Hayleys and John Keells Holdings. Mixed interest was observed in LOLC Holdings, Commercial Leasing & Finance and Royal Ceramics whilst retail interest was noted in Lanka Orix Finance, Galadari Hotels and Expolanka Holdings. 

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index gained 3.03%. The share price of Expolanka Holdings increased by Rs. 5.75 (3.04%) to close at Rs. 195.

The Capital Goods sector was the second-highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 0.75%. The share price of John Keells Holdings moved up by Rs. 3 (2.21%) to close at Rs. 139.

Browns Investments, Lanka Orix Finance and LOLC Holdings were also included amongst the top turnover contributors. The share price of Browns Investments gained 10 cents (1.03%) to close at Rs. 9.80. The share price of Lanka Orix Finance closed flat at Rs. 9.70. The share price of LOLC Holdings appreciated by Rs. 21.75 (3.87%) to close at Rs. 583.50.

Separately Singer Sri Lanka and Haycarb announced their interim dividends of 30 cents and 80 cents per share, respectively.