Colombo stock market produces strong rebound

Thursday, 6 March 2025 06:23 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday produced a strong rebound led by the Banking sector, as bargain hunters stepped up buying counters which had dipped in the recent bear run.

The benchmark ASPI gained by 1.87% and the active S&P SL20 by 1.56%. This was after both indices reverted to negative return territory year-to-date (YTD) on Tuesday (4).

Turnover doubled to Rs. 5.18 billion involving 83.15 million shares.

First Capital said the market saw a turnaround from the selling and profit-taking sentiment that was evident across the last few sessions. Consequently, the ASPI climbed and ended the day in green at 16,167, recording an uptick of about 296 points. The index steadily advanced from the 15,000-range registered, despite evident intermittent volatility.

The Banking sector emerged as a key driver of the ASPI’s gains, with SAMP and HNB among the top contributors, alongside BUKI, HAYL, and MELS. On the other hand, negative contributors were fewer and less impactful, with CINS and SLTL being the primary stocks exerting downward pressure on the index. Turnover denoted a noteworthy jump from Tuesday’s Rs. 2.4 billion mark and the monthly average of Rs. 3.3 billion. The Banking sector dominated turnover contributions, accounting for 50%, while Capital Goods and Diversified Financials collectively contributed 24%.

NDB Securities said high net worth and institutional investor participation was noted in C T Holdings, Hatton National Bank, and National Development Bank. Mixed interest was observed in Hemas Holdings, Nations Trust Bank, and Sampath Bank, whilst retail interest was noted in Alumex, Industrial Asphalts, and Sierra Cables.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank, Nations Trust Bank, and National Development Bank) whilst the sector index gained 1.61%. The share price of Hatton National Bank increased by Rs. 3.75 to Rs. 313.75. The share price of Nations Trust Bank moved up by Rs. 3 to Rs. 198. The share price of National Development Bank appreciated by Rs. 2.50 to Rs. 115.25.

The Capital Goods sector was the second highest contributor to the market turnover (due to Hemas Holdings) whilst the sector index increased by 1.25%. The share price of Hemas Holdings recorded a gain of Rs. 3 to Rs. 116. C T Holdings was also included amongst the top turnover contributors, with its share price closing flat at Rs. 330.25.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.