Colombo stock market rebounds

After many days of bearish sentiments, the Colombo stock market bounced back yesterday though turnover was low.

NDB Equities said the ASPI edged up as a result of price gains in counters such as Dialog Axiata, Commercial Leasing and Finance, and Lanka Orix Finance.

The S&P SL20, however, edged down. Turnover was Rs. 365 million.

High net worth and institutional investor participation was noted in Browns Investments and LOLC Holdings. Mixed interest was observed in Lanka Orix Finance and LB Finance whilst retail interest was noted in Ceylon Grain Elevators and Three Acre Farms. 

Furthermore, foreigners closed as net sellers mainly due to foreign selling in LOLC Holdings.

During the week, the ASPI and the S&P SL20 lost 0.19% and 1.47%, respectively, whilst recording an average daily turnover of Rs. 743 million.

Banks, Finance and Insurance sector was the top contributor to the market turnover (due to LOLC Holdings, Lanka Orix Finance and LB Finance) whilst the sector index gained 0.46%. 

The share price of LOLC Holdings increased by Rs. 0.60 (0.35%) closing at Rs. 170.30 whilst foreign holdings decreased by 502,130 shares. The share price of Lanka Orix Finance recorded a gain of Rs. 0.30 (7.69%) to close at Rs. 4.20. 

The share price of LB Finance appreciated by Rs. 6.00 (3.91%) to close at Rs. 159.30.

Diversified sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index decreased by 0.18%. 

The share price of Browns Investments closed flat at Rs. 5.40. Brown & Company was also included amongst the top turnover contributors. The share price of Brown & Company moved down by Rs. 0.90 (1.04%) to close at Rs. 85.70.