CSE starts new week on the up

Wednesday, 7 February 2024 00:47 - - {{hitsCtrl.values.hits}}

The Colombo stock market began a fresh week on a positive note amidst improved investor sentiment whilst foreigners remained net sellers.

The active S&P SL20 gained by 1.7% and the benchmark ASPI by 0.9%. Turnover was Rs. 872 million involving 42.2 million shares.

Asia Securities said the market commenced the week on a positive note with the ASPI continuing its recovery momentum for a fifth consecutive session. JKH (+2.2%), SAMPN (+1.6%), LMF (+3.1%), RCL (+3.7%), HNBN (+1.7%), LIOC (+1.2%), and CALT (+1.4%) saw price gains during the session. UAL (+2.5%) saw increased buying during the session.

JKH contributed the most to the ASPI (+11 points), followed by MELS (+10 points), and SAMP (+9 points). Overall, 99 stocks recorded price gains while 66 settled with losses.

Market turnover was led by JKH (Rs. 117 million), SAMP (Rs. 81 million), and LMF (Rs. 72 million).

Foreigners recorded a net outflow of Rs. 149.2 million. Net foreign buying topped in MGT at Rs. 3.6 million and selling topped in JKH at Rs. 83.1 million

First Capital said the bourse ended in the green zone for the fifth consecutive session, with a 95 point increase in the index. ASPI was up by almost 130 points towards midday but slowed down towards the latter part of the session ending at 10,525.

Blue chip and Banking sectors counters such as JKH, MELS and SAMP were the largest contributors to the index’s gain. Further, an increased interest in primary dealer counters was also observed with the drop in yield rates of bills and bonds.

HELA witnessed a stake change of c.0.4% through an off-board transaction totalling to 5 million shares at Rs. 5 per share.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Commercial Bank, Hela Apparel Holdings. Mixed interest was observed in Sampath Bank, Expolanka Holdings and Royal Ceramics whilst retail interest was noted in Browns Investments, Lanka Milk Foods and Lanka Credit and Business Finance.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 1.78%. The share price of John Keells Holdings increased by Rs. 4 to Rs. 182.25.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank and Commercial Bank) whilst the sector index increased by 1.17%. The share price of Sampath Bank gained Rs. 1.10 to Rs. 72. The share price of Commercial Bank declined by 30 cents to Rs. 87.70.

Lanka Milk Foods and Hela Apparel Holdings Ltd. were also included amongst the top turnover contributors. The share price of Lanka Milk Foods moved up by 70 cents to Rs. 23.60. The share price of Hela Apparel Holdings recorded a gain of 30 cents to Rs. 5.30.