CSE sustains record highs, ASPI crosses 17,000-point mark

Friday, 24 January 2025 00:06 - - {{hitsCtrl.values.hits}}

Rumours of share split continue to boost HNB; voting shares gains to new high of Rs. 360.50 as against Rs. 301.50 last year

The Colombo stock market yesterday reaffirmed its bullish momentum setting new benchmarks amidst gain in indices fuelled by banking stocks.

The benchmark ASPI gained by 197 points or 1% to close at 17,025 points and the active S&P SL 20 by over 36 points or 0.7%. Both indices have crossed the 6% mark in year to date growth.

Turnover was Rs. 9.78 billion involving 304.3 million shares. HNB led turnover with Rs. 831 million.

Fuelled by rumours of a share split, HNB yesterday closed at Rs. 360.50, up by Rs. 11.25 or 3% as against Rs. 327.75 last week and Rs. 323.50 in the previous week. HHNB ended 2024 at Rs. 301.50.

Other stocks which dominated turnover were Melstacorp (Rs. 587.5 million), Ambeon Capital (Rs. 537.4 million), Browns Investments (Rs. 482 million) and Dipped Products (Rs. 417 million).

First Capital said the Colombo Bourse maintained its bullish momentum, extending the positive sentiment from yesterday’s close, fuelled by Wednesday’s considerable drop in T-Bill rates.

Positive sentiment was noted among all market participants including HNW and retail investors. HNB, CFIN, HAYL, SFCL and LOLC emerged as the top positive contributors to the index. The market experienced some volatility during the first half of the day, followed by increased positive sentiment among all sectors.

The Banking sector led today’s turnover with a 20% share, followed by the Food, Beverage & Tobacco sector and the Capital Goods sector jointly contributing 36%. Foreign investors remained net sellers, with a net outflow of Rs. 565.6 million.

NDB Securities said high net worth and institutional investor participation was noted in Melstacorp, CIC Holdings and John Keells Holdings. Mixed interest was observed in Hatton National Bank, Ambeon Capital and Browns Investments whilst retail interest was noted in Dialog Axiata, Lanka Credit and Business Finance and SMB Leasing.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank) whilst the sector index gained 0.38%. The share price of Hatton National Bank increased by Rs. 11.25 close to Rs. 360.50.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp and Browns Investments) whilst the sector index increased by 0.90%. The share price of Melstacorp lost 50 cents to Rs. 123.50. The share price of Browns Investments recorded a gain of 20 cents to Rs. 8.80.

Ambeon Capital and Dipped Products were also included amongst the top turnover contributors. The share price of Ambeon Capital moved up by Rs. 5.50 to Rs. 32.30. The share price of Dipped Products appreciated by Rs. 1.90 to Rs. 60.