• Debutant Co-Operative Insurance Company gains by 30.5%

The Colombo stock market bounced back yesterday with investor sentiment and turnover improving.

The All Share Price Index gained by over 104 points or 0.88%, and the S&P SL20 gained by 24 points or 0.56%. Turnover amounted to Rs. 6.5 billion involving 509.4 million shares. 

Co-Operative Insurance Company Ltd. debuted on the CSE yesterday with share price gaining by 30.5% or Rs. 1.10 to close at Rs. 4.70 as against the IPO price of Rs. 3.60. It saw 92.4 million shares change hands via 6,631 trades for Rs. 407 million.

Asia Securities said after remaining subdued for the past few sessions, the ASPI showcased an upbeat performance, reclaiming the 12,000-level with a gain of more than 100 points, supported by BIL, SHL and BRWN. The S&P SL20 index also ended in green as price gains in LOLC, CLC and COMB offset losses in EXPO, HAYL and JKH. 

The plantation sector stocks contributed significantly to turnover on renewed buying sentiments. HBS closed sharply higher for the second consecutive session on higher retail and HNI activity. The stock has witnessed a gain of 43% over the last two sessions. Turnover was led by EXPO (Rs. 815 million) BIL (Rs. 547 million), COOP (Rs. 407 million) and HBS (Rs. 401 million). On the sectoral front, Food, Beverage and Tobacco, Capital Goods, Transportation and Diversified Financials sectors led activity, collectively accounting for 61.7% of turnover. The breadth of the market continued positive with 132 gainers and 90 decliners.

Asia also said foreigners recorded a net outflow of Rs. 201 million, while their participation declined to 2.2% of turnover (previous day 5.5%). Net foreign buying topped in HAYL at Rs. 9 million. Net selling topped in MELS at Rs. 110 million. 

First Capital said the bourse extended its bull run for the second consecutive day with an immense gain of 105 points while recording healthy retail participation. 

“The index opened on a short-lived upswing, hitting an intraday low of 11,912 within the first half-hour of trading. Eventually, the market picked up the uptrend and continued to follow the phase till the end of the session while surpassing the 12,000 mark and closed the day at 12,020,” First Capital said, adding turnover was led by a joint contribution of 39% from the Food, Beverage and Tobacco sector and the Capital Goods sector. 

NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, Melstacorp and LOLC Holdings. Mixed interest was observed in Expolanka Holdings, Browns Investments and hSenid Business Solutions, whilst retail interest was noted in SMB Leasing voting and non-voting and Co-Operative Insurance Company Ltd.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), whilst the sector index gained 0.96%. The share price of Browns Investments gained 50 cents (3.55%) to close at Rs. 14.60.

The Capital Goods sector was the second highest contributor to the market turnover whilst the sector index increased by 0.54%.

Expolanka Holdings, Co-Operative Insurance Company, Haycarb, and Commercial Bank were also included amongst the top turnover contributors. The share price of Expolanka Holdings decreased by Rs. 2.25 (0.60%) to close at Rs. 370.75. The share price of Co-Operative Insurance Company moved up by Rs. 1.10 (30.56%) to close at Rs. 4.70. The share price of hSenid Business Solutions recorded a gain of Rs. 4.50 (15.90%) to close at Rs. 32.80. The share price of Commercial Bank appreciated by Rs. 1.20 (1.52%) to close at Rs. 79.90.

Separately, Dipped Products, Alumex and Hayleys Fibre announced their interim dividends of 45 cents, 20 cents and Rs. 75 cents per share respectively.

LOLC General Insurance debuts on CSE today