CSE starts November positively with Rs. 5 b turnover

Saturday, 2 November 2024 04:42 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday began trading for November on a positive note with Rs. 5 billion turnover despite initial struggle by the indices.

On a choppy day of investor sentiments, the benchmark ASPI closed with a gain of 0.7% and the active S&P SL by 0.4%. The positive start for November comes on the back of ASPI finishing October by a 7.7% gain and the S&P SL by 12%.

Turnover yesterday was Rs. 4.9 billion involving 104.3 million shares.

First Capital said the during the week’s closing, investors displayed mixed sentiment following several bullish sessions leading to a slight dip in the index during the early hours of trading. However, the index began to recover around midday, boosted by heightened participation from HNW investors, particularly through an off-board transaction involving the CDB. Accordingly, ASPI closed the day at 12,864 gaining 93 points.

Additionally, investors remained optimistic towards mid and small-cap Banks like PABC and DFCC, as well as selected NBFIs. MELS, HNB, RICH, LOLC, and CFIN emerged as the top positive contributors to the index. Amidst multiple crossings, turnover marked an 81% increase from the monthly average. Out of 5 off-board transactions, notable trade was recorded on CDB, trading a 12.7% stake at Rs. 247.50 per share through an off-board transaction. The Diversified Financials sector led turnover by 52%, followed by the Banking and Capital Goods sectors jointly contributing 31% of the overall turnover. Foreign investors turned net buyers, with a net inflow of Rs. 10 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Melstacorp, Hatton National Bank and Richard Pieris & Company.

Crossings were witnessed in Citizens Development Business Finance, DFCC Bank and Hatton National Bank accounting for 53% of the turnover. Mixed interest was observed in Pan Asia Banking Corporation, Access Engineering and ACL Cables whilst retail interest was noted in Citrus Leisure, Cable Solutions and Prime Lands Residencies.

The Diversified Financials sector was the top contributor to the market turnover (due to Citizens Development Business Finance) whilst the sector index gained 1.63%. The share price of Citizens Development Business Finance increased by Rs. 3.75 to Rs. 233.50.

The Banking sector was the second highest contributor to the market turnover (due to DFCC Bank, Hatton National Bank and Pan Asia Banking Corporation) whilst the sector index increased by 0.50%. The share price of DFCC Bank closed flat at Rs. 85.10. The share price of Hatton National Bank moved up by Rs. 3.25 to Rs. 232. The share price of Pan Asia Banking Corporation recorded a gain of Rs. 1.10 to Rs. 26.10.

Access Engineering was also included amongst the top turnover contributors with its share price gaining by 60 cents to Rs. 26.30.