CSE sees sharp rebound but suffers Rs. 1 b net foreign outflow on JKH

The Colombo stock market yesterday began a fresh week on a robust mode with indices enjoying sharp gains and high turnover though suffering Rs. 1 billion in net foreign selling.

The benchmark ASPI reclaimed the 11,300 mark to close at 11,375 (+218 points). Turnover improved to Rs. 3.3 billion boosted by off-board transactions in JKH (Rs. 1b) as domestic investors stepped in to absorb foreign selling. 

Asia Securities said the market commenced the week on a buoyant note with the indices recording their biggest single-day gains in five weeks boosted by a broad-based pickup as investors returned to buying mode following several sessions of profit-booking. 

Front-line stocks JKH (+4.6%), CFIN (+7.7%), MGT (+7.8%), DFCC (+5.3%), CALT (+4.2%), FCT (+9.0%), COMBN (+5.5%), and SAMP (+3.3%) led the rally in the ASPI.

The latest IPO stock Agarapatana Plantations Ltd. (AGPL) started trading on the Exchange and generated Rs. 191 million of turnover on retail activity. 

COMBN (+37 points), JKH (+26 points), and SAMP (+20 points) came in as the biggest index movers for the day. The breadth of the market was positive with 98 price gainers and 90 decliners.  

First Capital said the Bourse thrived in green for the second straight session as the ASPI soared high with a hefty gain of 218 points which is at a 1½ month peak aided primarily by Banking stocks which enticed significant collection during the day following continuous selling interest that prevailed on the sector during the last few sessions. Accordingly, index gained momentum and moved on a consistent upward trajectory during the day and closed at 11,375 gaining 218 points backed by COMB, JKH, SAMP and NDB. 

Retail activities were centred on treasury counters during the day. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Renuka Agri Foods, and CIC Holdings. Mixed interest was observed in Central Finance Company, Hayleys Fabric and Capital Alliance whilst retail interest was noted in Agarapatana Plantations, Browns Investments 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 2.98%. The share price of John Keells Holdings increased by Rs 8.25 to Rs. 187.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Renuka Agri Foods and Agarapatana Plantations) whilst the sector index increased by 1.18%. The share price of Renuka Agri Foods gained 20 cents to Rs. 4.90. The share price of Agarapatana Plantations moved up by 20 cents to Rs. 9.20.

Central Finance Company and Hayleys Fabric were also included amongst the top turnover contributors. The share price of Central Finance Company recorded a gain of Rs. 9 to Rs. 126.50. The share price of Hayleys Fabric appreciated by Rs. 3.40 to close Rs. 46.90.