Colombo stock market ends 2023 on a high

The Colombo stock market yesterday ended 2023 on a positive note whilst notching up double digit gain for the year.

During the year the benchmark ASPI gained by 25.5% and active S&P SL20 gained by 16.4%. The average daily turnover amounted to Rs. 1.7 billion.

On a weekly basis, the ASPI gained 60.26 points (+0.57%) in December 2023 while the S&P SL20 index gained 58.33 points (+1.94%). Asia Securities said the market wrapped up 2023 on a positive note with the indices in the green and selected banking stocks showing upward momentum for the second successive session. COMBN (+1.3%), HNBN (+1.7%), NDBN (+1.4%), and SEYBN (+0.9%) recorded price gains during the session while GLAS (+4.1%), LOFC (+4.5%), and TKYOX (+3.3%) added further support to the ASPI. The breadth of the market was neutral with 73 price gainers and 72 decliners.

Turnover was led by JKH (Rs. 87 million), SAMP (Rs. 55 million), and HAYL (Rs. 54 million).

Foreigners recorded a net inflow of Rs. 21.1 million. Net foreign buying topped in COMB.N at Rs. 21.1 million and selling topped in JKH at Rs. 22.4 million.

First Capital said the Bourse ended in the green for consecutive days for the first time in over 2 weeks and thus concluded the final day of trading for the year of 2023. Once again, the banking counters such as COMB and HNB performed well and carried the index to the green zone. APSI was volatile for the majority of today’s session but picked up towards the latter part of the session ending at 10,654, 28 points higher than yesterday. COMB, HNB and RICH were the biggest positive contributors towards the index whereas SEMB, SPEN and JKH were the largest negative contributors. Turnover was 47% lower than the month’s average of Rs. 1.2 billion. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Sampath Bank and Hayleys. Mixed interest was observed in Expolanka Holdings, LOLC General Insurance and Commercial Bank whilst retail interest was noted in Industrial Asphalts, Browns Investments and Associated Motor Finance Company. 

Separately Hayleys Fabric, Kelani Valley Plantations, Dipped Products, Horana Plantations and Haycarb declared interim dividends.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Hayleys) whilst the sector index lost 0.18%. The share price of John Keells Holdings decreased by 50 cents to Rs. 191. The share price of Hayleys moved down by 10 cents to Rs. 71.40.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank) whilst the sector index increased by 0.86%. The share price of Sampath Bank closed flat at Rs. 70.50.

Expolanka Holdings and LOLC General Insurance were also included amongst the top turnover contributors. The share price of Expolanka Holdings recorded a gain of 50 cents to Rs. 143.25. The share price of LOLC General Insurance appreciated by 20 cents to Rs. 7.60.