Wednesday Nov 27, 2024
Wednesday Nov 27, 2024
Tuesday, 5 March 2024 01:47 - - {{hitsCtrl.values.hits}}
ASPI strikes over 100 points first time in over 3 months
The Colombo stock market shot up yesterday with its value soaring by Rs. 64 billion in a development analysts linked to investors reacting positively to the equal value Expolanka exit offer by SG Holdings.
The benchmark ASPI rose by 1% or 114 points, for the first time in over three months. The active S&P SL20 gained by 1.5% or 45 points. The market capitalisation which was Rs. 4,215 billion on Friday, shot up by Rs. 64 billion to Rs. 4,279 billion.
Turnover was Rs. 1.7 billion involving 94.6 million shares.
Asia Securities said the market commenced the week with positive momentum with the ASPI crossing the 10,800 levels, mainly driven by the increased trading in RCL (+7.7%), LOLC (+17.1%), BIL (+9.1%), LOFC (+9.5%), and ACL (+5.2%).
LOLC (+37 points) came in as the major driver of the ASPI for the day, followed by JKH (+16 points), and BIL (+10 points). The breadth of the market was positive with 114 price gainers and 69 decliners.
Turnover was led by RCL (Rs. 187 million), LOLC (Rs. 118 million), and NTB (Rs. 114 million).
Asia also said foreigners recorded a net outflow of Rs. 83.4 million. Net foreign buying topped in LMF at Rs. 12 million and selling topped in NTB.N at Rs. 55 million.
First Capital said the bourse commenced the week closing on the green pivoting from the negative territory from the previous session, registering at 10,805 gaining 114 points. LOLC and JKH were the top positive contributors whilst selected banking sector counters failed to perform well during the day. Notably, there was revitalised interest in retail savvy shares namely, BIL, RCL and HAYL which further contributed positively to the index.
NDB Securities said high net worth and institutional investor participation was noted in Nations Trust Bank, John Keells Holdings and Royal Ceramics. Mixed interest was observed in LOLC Holdings, Browns Investments and Lanka Milk Foods whilst retail interest was noted in LOLC Finance, Vallibel Power Erathna and Co-Operative Insurance Company.
The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics) whilst the sector index gained 2.78%. The share price of Royal Ceramics increased by Rs. 2.30 to Rs. 32.30.
The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Holdings) whilst the sector index increased by 4.56%. The share price of LOLC Holdings gained Rs. 54.25 to Rs. 371.25.
Nations Trust Bank, Browns Investments, and Lanka Milk Foods, were also included amongst the top turnover contributors. The share price of Nations Trust Bank moved down by 25 cents to Rs. 100.50. The share price of Browns Investments recorded a gain of 40 cents to Rs. 4.80. The share price of Lanka Milk Foods appreciated by 50 cents to Rs. 24.50.
