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The Colombo stock market began a fresh week on a strong note with sharp increase in both indices and an improved turnover.
The active S&P SL20 gained by 3% and the benchmark ASPI by 2%. Turnover was Rs. 2.45 billion involving over 77 million shares.
Asia Securities said the market commenced the week on a high note as the indices extended their upward trend, primarily led by strong gains in EXPO (+11.6%), BIL (+19.6%), LOLC (+8.2%), LOFC (+8.2%), and LIOC (+4.0%).
The ASPI crossed the 8,300 level during the session to reach a two-week high at 8,310 (+162 points|+2.0%) while the S&P SL20 index touched a one-month high at 2,613 (+75 points|+2.9%). Turnover picked up on the back of steady domestic buying in EXPO (Rs. 1,121 million). EXPO (34 points) contributed the most to the ASPI’s upside followed by BIL (25 points), and LOLC (18 points). The breadth of the market was strong with 109 price gainers and 63 decliners.
Foreigners recorded a net outflow of Rs. 0.1 million. Net foreign buying topped in LWL at Rs. 12 million and selling topped in LDEV at Rs. 5 million.
First Capital said the bourse commenced the week on a positive note and continued to see strength for the second consecutive day as investors speculate interest rates to continue to fall in line with inflation in the upcoming months.
It said as the investor sentiment improved, the index scaled high in the beginning and continued to climb higher while recording an index high of nearly two-weeks and closed the day at 8,310, gaining 162 points. Moreover, bullish sentiment continued on EXPO since last week following the announcement of a possible acquisition of logistic companies.
NDB Securities said high net worth and institutional investor participation was noted in Lankem Developments and Lanka IOC. Mixed interest was observed in Expolanka Holdings, ACL Cables and First Capital Holdings whilst retail interest was noted in Browns Investments, SMB Leasing and LOLC Finance.
Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index gained 11.62%. The share price of Expolanka Holdings increased by Rs. 19 (11.64%) to close at Rs.182.25.
Energy sector was the second highest contributor to the market turnover (due to Lanka IOC) whilst the sector index increased by 3.60%. The share price of Lanka IOC gained Rs. 7.25 (3.98%) to close at Rs. 189.50.
Browns Investments, ACL Cables and Lankem Developments were also included amongst the top turnover contributors.
The share price of Browns Investments moved up by one rupee (19.61%) to close at Rs. 6.10. The share price of ACL Cables recorded a gain of Rs. 6.70 (9.01%) to close at Rs. 81.10. The share price of Lankem Developments appreciated by 10 cents to close at Rs. 29.70.
