CSE struggles to close on the up

Friday, 23 June 2023 00:28 - - {{hitsCtrl.values.hits}}

The Colombo stock market struggled its way yesterday to close marginally on the up amidst improved investor activity.

The active S&P SL20 gained by 10 points or 0.3% and the benchmark ASPI by over 12 points or 0.1% on a choppy day for the indices. Turnover was Rs. 1.95 billion involving 74.17 million shares.

Asia Securities said with a notable 51-point gap-up, the ASPI reached a morning high of 9,346 before gradually retracing to 9,297 due to price losses in SLTL (-2.6%), TJL (-3.0%), BIL (-1.8%), CALT (-1.7%), SCAP (-2.2%) and HHL (-1.2%). Nevertheless, the index saw a steady recovery in mid-day trading to reach 9,330 (+35 points) and consolidated in the range of 9,310-9,320 as the session progressed. Notable price gains were recorded by EXPO (+3.2%), CFLB (+3.2%), RCL (+3.9%), RICH (+3.6%), CICN (+3.6%), and PARQ (+5.2%). Overall, 84 stocks recorded price gains during the session while 74 declined.

Turnover was boosted by off-board transactions in EXPO (Rs. 796 million). Crossings accounted for 47.1% of turnover including EXPO. Additionally a crossing each figured in CFLBN (Rs. 57.2 million), WINDN (Rs. 35.7 million) and RCLN (Rs. 29.5 million).

Asia also said foreigners recorded a net inflow of Rs. 18.7 million. Net foreign buying topped in TJL.N at Rs. 30.1 million and selling topped in JAT.N at Rs. 52.2 million.

First Capital said the bourse closed on a positive sentiment amidst pacing through a volatile trend closing at 9,308 gaining 13 points in the green zone. Revitalised interest on EXPO contributed positively to the index gain whilst recording a crossing that amounted to a stake change of 0.3% transacting 6Mn shares off board at Rs. 132.75 per share.

Contributing positively to the index, COOP witnessed renewed interest during the day after the company announced that the entity has compiled with the corporate governance requirements set out by rule 7.10 of the SEC listing rule.

SLTL and selected banking sector shares contributed negatively to the index due to profit taking after driving the index to an upward trend for the past two sessions.

NDB Securities said mixed interest was observed in Sri Lanka Telecom, Richard Pieris & Company and CIC Holdings whilst retail interest was noted in Co-Operative Insurance Company, Browns Investments and Blue Diamonds Jewellery Worldwide.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index gained 3.24%. The share price of Expolanka Holdings increased by Rs. 4.25 to Rs. 135.25.

The Capital Goods sector was the second highest contributor to the market turnover (due to The Colombo Fort Land & Building, Royal Ceramics and Richard Pieris & Company) whilst the sector index increased by 0.61%. The share price of The Colombo Fort Land & Building gained 80 cents to Rs. 26.00. The share price of Royal Ceramics moved up by Rs. 1.10 to Rs. 29.60. The share price of Richard Pieris & Company appreciated by 70 cents to Rs. 20.20. Sri Lanka Telecom was also included among the top turnover contributors. The share price of Sri Lanka Telecom recorded a loss of Rs. 2.75 to Rs. 101.25.