CSE survives choppy day to close positive

The Colombo stock market yesterday survived a choppy day of sentiments to close marginally on the up by 0.5% amidst healthy turnover.

The All Share Price Index closed higher by over 53 points and the S&PSL20 gained by over 19 points. Turnover was Rs. 6 billion though volume of shares traded was a high 873 million. Asia Securities said the indices closed in green for the second consecutive session yesterday supported by price gains in EXPO, RICH and MELS while turnover remained at healthy levels led by EXPO (Rs.  836 million), BIL (Rs. 645 million) and SUN (Rs. 432 million). 

Following a sharp 150-point gap up open, the ASPI scaled to an intra-day high of 11,184 before witnessing a subsequent drop to 11,115. Thereafter, the index gradually picked up and moved within the narrow range of 11,160-11,180 till mid-afternoon trade. 

However, the ASPI trimmed most of its early gains during closing hours and eventually closed out with a modest 0.5% gain. Price losses recorded by LOLC group companies such as CLC (-0.9%), LOFC (-2.1%), LOLC (-0.5%), BIL (-1.4%) and BRWNS (-0.6%) weighed on the index throughout the session. The breadth of the market remained strong as gainers outnumbered decliners by a wide margin of 122 to 78.

First Capital said the bourse ended in the green zone continuing consecutive gains for the fourth Tuesday with a marginal gain amidst a volatile trading session while recording a modest turnover.

The market opened with a huge upsurge but set off on a short-lived downslide followed by a positive momentum. However, the index succumbed with the mounting selling pressure yet it managed to hold its place in the green territory before closing for the day at 11,088,” First Capital added.

It said turnover was led by a joint contribution of 47% from the Food, Beverage and Tobacco sector and Capital Goods sector.