Cheer at CSE as ASPI crosses 5,000-point mark

Sentiments at the Colombo stock market remained positive as the benchmark All Share Price Index (ASPI) crossed the 5,000 point mark amidst healthy turnover. 

Frist Capital said the market breached the 5,000 short-term psychological barrier after failing to break for the past two trading sessions while ending in the green territory for the fifth consecutive session. 

“The index witnessed a continuous upward movement since the beginning of the session and hit its intraday high of 5,064 before closing at 5,047 gaining 56 points,” First Capital said.

It said ASPI was uplifted predominantly due to the price advances in John Keells Holdings (JKH) and Commercial Bank. Parcel trades made in COMB and CDB contributed 11% of the turnover for the session. Market continued to experience a net foreign outflow while recording a low participation, it added.

Noting that the ASPI crossed the 5,000 point threshold after three months, NDB Securities the index closed in green as a result of price gains in counters such as John Keells Holdings, Commercial Bank and LOLC Holdings with the turnover crossing Rs 1.2 billion. 

A similar behaviour was witnessed in the S&P SL20. 

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, Citizens Development Business Finance and Hatton National Bank. 

Mixed interest was observed in Royal Ceramics, Hatton National Bank non-voting and LOLC Holdings, whilst retail interest was noted in Tokyo Cement Company and First Capital Holdings. 

The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Hatton National Bank and Hatton National Bank nonvoting) whilst the sector index gained 4.02%. The share price of Commercial Bank increased by Rs. 3.10 (4.37%) to close at Rs. 74.10 while the share price of Hatton National Bank gained Rs. 3.90 (3.59%) to close at Rs. 112.40. Furthermore, the share price of Hatton National Bank non-voting recorded a gain of Rs. 4.40 (5.37%) to close at Rs. 86.30.

Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Holdings) whilst the sector index increased by 1.16%. The share price of LOLC Holdings appreciated by Rs. 6.10 (4.95%) to close at Rs. 129.40.

Royal Ceramics was also included amongst the top turnover contributors. The share price of Royal Ceramics moved up by Rs. 0.30 (0.46%) to close at Rs. 65.20.

Acuity Stockbrokers said the bourse ended on a positive note today as the ASPI increased by 1.12% or 56.08 points to close at 5,046.50 points, while the S&P SL20 Index also increased by 3.01% or 64.82 points to close at 2,221.35.

Turnover increased by 18.2% relative to last Friday to amount to Rs. 1.2 billion while crossings for the day amounted to 6.4% of the day’s total turnover. 

Foreign investors meanwhile, recorded a net outflow of Rs. 200.6 million over the day compared to a net outflow of Rs. 324.2 million recorded on Friday.