Colombo Stock Market gains to near three-and-half-year high

• YTD net foreign outflow tops Rs. 51 b

The Colombo Stock Market yesterday remained resilient reaching a near three-and-half-year high with above average turnover. 

The All Share Price Index increased by 43.1 points to close at 6,748.0 (+0.6%), whilst the more liquid S&P SL20 Index also gained 16.7 points to close at 2,631.5 (+0.6%).

The total turnover was Rs. 3.75 billion versus the 12-month average daily turnover of Rs. 1.87 billion, according to Softlogic Stockbrokers.

First Capital said the Bourse witnessed a near three-and-half-year high while recording a Rs. 3 billion plus turnover, sustaining the drive in the positive direction for the third consecutive session. 

“Index spiked within the first few minutes of trading, thereafter, experienced a downward movement till mid-day. Subsequently, market bounced back and closed at 6,748, gaining 43 points,” First Capital said. It said the Capital Goods sector dominated the turnover for the session with a contribution of 42%. Moreover, parcel trades in Dipped Products and Hemas Holdings boosted the turnover amounting to 10%. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Ceylinco Insurance, Expolanka Holdings and Hemas Holdings.

It said high net worth and institutional investor participation was noted in Dipped Products and Hemas Holdings. Mixed interest was observed in John Keells Holdings (JKH), ACL Cables and Royal Ceramics, whilst retail interest was noted in Expolanka Holdings, Browns Investments and Tokyo Cement Company non-voting.

The Capital Goods sector was the top contributor to the market turnover (due to JKH and Hemas Holdings), whilst the sector index gained 0.94%. The share price of JKH increased by Rs. 1.20 (0.81%) to close at Rs. 149.90. The share price of Hemas Holdings appreciated by Rs. 3.90 (4.02%) closing at Rs. 100.80, whilst foreign holdings decreased by 1,009,144 shares. 

The Materials sector was the second highest contributor to the market turnover (due to Dipped Products), whilst the sector index increased by 0.27%. The share price of Dipped Products gained Rs. 6.80 (2.01%) to close at Rs. 345.10.

Expolanka Holdings and Browns Investments were also included amongst the top turnover contributors.

Furthermore, the share price of Expolanka Holdings moved up by Rs. 1.20 (4.40%) to close at Rs. 28.50, whilst the share price of Browns Investments recorded a gain of Rs. 0.10 (2.50%) to close at Rs. 4.10.

With a net foreign selling of Rs. 153.3 million yesterday, the year-to-date (YTD) net foreign outflow from the Colombo Stock Exchange crossed the Rs. 51 billion mark according to First Capital.