Colombo stock market ends week with 1% gain

The Colombo stock market had a mixed finish yesterday though ending the week on the up with active investor participation.

The benchmark ASPI yesterday gained by over 50 points or 0.4% but the active S&P SL20 declined by over 3 points or 0.1%. For the week ASPI and the S&P SL20 gained 1.7% and 1% respectively.

Turnover yesterday was Rs. 2.47 billion, below the week’s average daily turnover of Rs. 3.38 billion. 

Last week ASPI gained by 3.8% and S&P SL20 by 5.4% reflecting a sharp rebound from the previous week’s losses. Average daily turnover last week was Rs. 2.71 billion.

Asia Securities said the ASPI recovered from a subdued opening and managed to close the week in green territory while the S&P SL20 index remained in red. The ASPI dropped to an intra-day low of 12,327 (-27 points) at market open, however regained momentum on the back of price gains in CCS (+3.3%), CFIN (+3.8%), AGST (+6.8%), PLC (+3.3%), and SINS (+4.2%). The index eventually crossed the 12,400 mark to close at 12,404 (+51 points). Overall, 117 stocks closed higher while 72 ended with losses.

Market turnover was driven by JKH (Rs. 175 million), CCS (Rs. 158 million), CFIN (Rs. 150 million), and LFIN (Rs. 142 million).

Asia also said foreigners recorded a net inflow of Rs. 56.2 million. Net foreign buying topped in COMB.N at Rs. 44.2 million and selling topped in CCS.N at Rs. 69.7 million.

First Capital said the bourse continued to propel its course with positive momentum and significant gains. The market experienced a slow start at the beginning of the day but gradually picked up its momentum by mid-day. The ASPI closed at 12,404, continuing the trends of the past week in reaching its highest levels since February 2022 and marking a 0.41% increase from the previous day to which the most significant contributors were BUKI, CFIN, NDB, AHPL, and CCS, where BUKI and CFIN led the way. Investor sentiment remained strong, steering keen interest in a variety of sectors, notably the NBFI, retail, and tourism sectors. 

The Diversified Financials sector led turnover at 23%, followed by the Capital Goods, and Food, Beverage and Tobacco sectors jointly contributing to 35% of overall turnover, further reflecting the varied interests of investors in the market. 

The market overall saw a day of positive investor sentiment and gains, sustaining its course in an optimistic direction led by the NBFI sector, First Capital added. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, LB Finance and Commercial Bank. Mixed interest was observed in Central Finance Company, Ceylon Cold Stores and R I L Property whilst retail interest was noted in Nation Lanka Finance, SMB Leasing nonvoting and Agstar. 

The Diversified Financials sector was the top contributor to the market turnover (due to Central Finance Company and LB Finance) whilst the sector index gained 1.48%. The share price of Central Finance Company moved up by Rs. 4.75 to Rs. 130. The share price of LB Finance recorded a gain of Rs. 1.30 to Rs. 72.80.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index decreased by 0.88%. The share price of John Keells Holdings decreased by Rs. 3.75 to Rs. 205.50. Ceylon Cold Stores and R I L Property were also included amongst the top turnover contributors. The share price of Ceylon Cold Stores gained Rs. 2.10 to Rs. 65.50.

The share price of R I L Property appreciated by 80 cents to Rs. 8.30.