Colombo stock market stages strong rebound

Thursday, 13 March 2025 00:10 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday staged a strong rebound though turnover levels were modest, reflecting the on-going state of uneasiness.

Both indices gained by 1% after having dipped by nearly 2% on Wednesday. Turnover was Rs. 24 billion involving 61 million shares.

First Capital said the bourse showed signs of recovery, with slight volatility in the first half of the day, followed by steady positivity after midday. The ASPI gained 151 points, closing at 15,861, showcasing a 0.96% increment. The top positive contributors to the index were COMB, HNB, SAMP, HAYL, and JKH.

Continued market decline over the past few days fuelled bargain buying by HNW investors, while retail participation remained moderate. Banking and blue-chip counters were the primary drivers of overall upsurge. A notable volume of 6.5 million BOGA shares were traded off-board, amounting to a 6.9% stake change, while contributing largely to turnover.

The Capital Goods sector was the most significant contributor to the overall turnover with a 27% share, followed by the Banking and Materials sectors jointly contributing 43%. Foreign investors were net buyers, with a net inflow of Rs. 50 million.

Asia Securities said indices closed in the green supported by DIPD (+3.1%), HAYL (+2.6%), LOLC (+1.5%), and JKH (+1.0%).

In the first half of the session, the ASPI declined to 15,630 (-81 points), primarily driven by heavyweight stocks like CINSN (-2.5%). However, the index rebounded in the second half, driven by strong buying support. Notably, banking sector stocks PABC (+2.9%), COMBN (+2.2%), DFCC (+2.1%), and HNBN (+1.7%) and construction sector stocks like AEL (+4.5%), SIRA (+4.4%), and ACL (+1.2%) gained investors’ interest during the second half of the session. COMBN (+16 points) and HNBN (+15 points) came in as the major index movers for the day. Overall, 158 stocks ended in green and 48 settled with losses.

Turnover was led by BOGA (Rs. 384 million), JKH (Rs. 268 million), and SAMP (Rs. 217 million).

NDB Securities said high net worth and institutional investor participation was noted in Bogala Graphite Lanka, John Keells Holdings, and Sampath Bank. Mixed interest was observed in Hatton National Bank, Ceylon Cold Stores, and LOLC Holdings, whilst retail interest was noted in Lanka Credit and Business Finance, Alumex, and HNB Finance Rights.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Hayleys) whilst the sector index gained 1.16%. The share price of John Keells Holdings gained Rs. 0.20 to Rs. 20.70. The share price of Hayleys appreciated by Rs. 3.50 to Rs. 136.50.

The Banking sector was the second highest contributor to the market turnover (due to Sampath Bank and Hatton National Bank) whilst the sector index increased by 1.10%. The share price of Sampath Bank moved up by Rs. 1.50 to Rs. 120. The share price of Hatton National Bank recorded a gain of Rs. 5.25 to Rs. 308.75.

Bogala Graphite Lanka was also included amongst the top turnover contributors, with its share price increasing by Rs. 3.60 to Rs. 56.10.

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