CSE sustains newfound optimism; turnover tops Rs. 4 b

The Colombo stock market yesterday further sustained its newfound optimism with turnover topping Rs. 4 billion mark.

The indices closed marginally up recovering after mid-day dip due to profit taking. First Capital said the Colombo Bourse experienced a highly volatile trading day amidst improved investor participation from retail investors and HNWIs.

 The ASPI gained over 200 points in the first hour of trading and then plunged to 11,608 immediately as selling pressure emerged. However, the index recovered gradually and closed the session in green at 11,672 gaining only 12 points for the 8th consecutive day. 

Majority of the Banking sector counters, and blue-chip entities exerted a positive pressure on the index where HNB, SAMP, NDB, TJL and DFCC emerged as the top positive contributors to the index. Turnover experienced an upswing, marking a 260.4% increase from the monthly average standing at Rs. 1.2 billion. The Banking sector solely contributed 39% to the overall turnover whilst the Real State and Capital Goods sectors jointly contributed 23% to the total turnover.

NDB Securities said high net worth and institutional investor participation was noted in East West Properties, Hatton National Bank and Sampath Bank. Mixed interest was observed in

Commercial Bank, Browns Investments and John Keells Holdings’ Rights whilst retail interest was noted in SMB Leasing, Dialog Axiata and Softlogic Capital.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Sampath Bank and Commercial Bank) whilst the sector index gained 0.92%.

The share price of Hatton National Bank increased by Rs. 9.50 to Rs. 199.75. The share price of Sampath Bank moved up by 60 cents to Rs. 78. The share price of Commercial Bank recorded a loss of 50 cents to Rs. 99.10.

The Real Estate sector was the second highest contributor to the market turnover (due to East West Properties) whilst the sector index decreased by 2.31%. The share price of East West Properties gained 10 cents to Rs. 10.70.

Browns Investments was also included amongst the top turnover contributors. The share price of Browns Investments closed flat at Rs. 5.90.