Colombo stock market gains for 21st consecutive day

Wednesday, 25 December 2024 00:08 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday clocked the 21st consecutive day of gains as investors sustained their bullish sentiments.

The benchmark ASPI gained by 1% or 148 points and the active S&P SL20 improved by 0.8%. Turnover was Rs. 5.5 billion involving 285.5 million shares. Among top turnovers were Browns Investments (Rs. 309 million), Commercial Bank (Rs. 300 million), Sampath Bank (Rs. 261 million), Royal Ceramics (Rs. 191 million) and HNB (Rs. 186 million).

First Capital said the market experienced a day of volatility, driven by mixed sentiment among investors. The index opened in negative territory but recovered after the first hour of trading, supported by increased activity in the Banking sector and prominent blue-chip stocks. However, the ASPI closed the day in green at 15,168 gaining 148 points marking a 0.98% increase from the previous day. The most significant contributors towards the positive index were HAYL, CFIN, CTHR, SAMP, and RICH.

Improved investor sentiment was also enticed on Consumer Services and Hotel sector shares, which continued to attract investor interest throughout the day. The Banking sector led the turnover by 21%, followed by the Capital Goods and Consumer Services sectors jointly contributing 31% of the overall turnover. There was a net foreign outflow of Rs. 94.7 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Hayleys, Central Finance Company and C T Holdings.

High net worth and institutional investor participation was noted in Commercial Bank, Royal Ceramics and Beruwala Resorts. Mixed interest was observed in Browns Investments, Sampath Bank and Hatton National Bank whilst retail interest was noted in SMB Leasing nonvoting, Co-Operative Insurance Company and UB Finance Company.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank, Sampath Bank and Hatton National Bank) whilst the sector index gained 1.11%. The share price of Commercial Bank gained Rs. 1.25 to Rs. 139.25. The share price of Sampath Bank moved up by Rs. 1.50 to Rs. 111.00. The share price of Hatton National Bank appreciated by Rs. 2.50 to Rs. 284.

The Capital Goods sector was the second highest contributor to the market turnover (due to Royal Ceramics) whilst the sector index increased by 0.71%. The share price of Royal Ceramics recorded a gain of 50 cents to Rs. 39.50.

Browns Investments was also included amongst the top turnover contributors with its share price gaining 10 cents to Rs. 6.80.