CSE sees positive start

The Colombo stock market began a fresh week on a positive note though turnover and investor activity were below par.

The active S&P SL20 gained by 1.3% and the benchmark ASPI improved by 1%. Turnover was Rs. 885 million involving 46.5 million shares.

Asia Securities said the indices closed in green for a third consecutive session supported by banking stocks SAMP (+7.2%), HNBN (+4.0%), HNBX (+7.1%), COMBN (+3.7%), COMBX (+3.6%), SEYBN (+3.9%), SEYBX (+7.7%), and UBC (+7.2%). SLTL (+4.5%) saw a pick-up in buying interest during the session.

SAMP (+31 points) came in as the biggest index mover during the session, followed by COMB (+15 points), and HNBN (+13 points).

Turnover was led by HNBN (Rs. 165 million), EXPO (Rs. 84 million), and LIOC (Rs. 71 million).

The market saw a foreign net inflow of Rs. 1.8 million.

First Capital said the bourse closed in green for the third consecutive session at 8,927 gaining 96 points. The overall market confidence was boosted with the banking sector counters contributing exceptionally well after the Central Bank assured the banks that the regulatory stance in the on-going DDO discussions with the diverse stakeholders will be that the banking sector stability cannot be put at risk. Furthermore, there was revitalised interest in BIL as it was one of the top active shares due to the acquisition of 85% of James Finlay (Kenya) Ltd. by B Commodities – a subsidiary of BIL. The Retail Sector investors rather took a side-lined approach as the results for the quarter ended in March is not yet published nor has been expected to be in favour of the investors.

NDB Securities said high net worth and institutional investor participation was noted in Hatton National Bank and John Keells Hotels. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Sampath Bank whilst retail interest was noted in Browns Investments, Dialog Axiata and SMB Leasing.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank) whilst the sector index gained 4.64%. The share price of Hatton National Bank increased by Rs. 4.50 to Rs. 117.75.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 0.50%. The share price of Browns Investments closed flat at Rs. 5.50.

Expolanka Holdings, Lanka IOC and Dialog Axiata were also included amongst the top turnover contributors. The share price of Expolanka Holdings gained Rs. 2.25 to Rs. 156.

The share price of Lanka IOC moved down by Rs. 1.75 to Rs. 155. The share price of Dialog Axiata closed flat at Rs. 11.