Late rally helps positive close at CSE; net foreign buying continues at JKH

Friday, 11 October 2024 00:06 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday managed to close on the up marginally thanks to a late rally on a volatile day whilst enjoying net foreign inflow.

The benchmark ASPI closed with 12 points up and the active S&P SL20 by 7 points. Turnover was Rs. 1.6 billion involving 61 million shares.

Foreign investors remained net buyers with a net foreign inflow of Rs. 267 million on the back of strong foreign buying interest on JKH with net buying of Rs. 132.7 million.

First Capital said the Colombo Bourse experienced yet another volatile trading day as investors booked profits amidst moderate buying interest. The market started the day on a bearish note, reaching an intraday low of 12,035 amidst profit taking. However, the market gradually recovered after midday as buying interest emerged in selected Banking sector counters, closing the day at 12,164 gaining 12 points. CINS, HAYL, COMB, MGT and SAMP emerged as the top positive contributors to the index.

Amidst the moderate participation from both retail and HNW investors, turnover marked a 21.4% decrease from the monthly average. Furthermore, 37% of the overall turnover was contributed by the Capital Goods sector whilst 35% of the turnover was jointly contributed by the Banking and Food, Beverage and Tobacco sectors.

NDB Securities said the ASPI closed in the red as a result of price losses in counters such as Sampath Bank, Hayleys and DFCC Bank.

High net worth and institutional investor participation was noted in Citizens Development Business Finance, John Keells Holdings and Hatton National Bank. Mixed interest was observed in Sampath Bank, Commercial Bank and Dialog Axiata whilst retail interest was noted in SMB Leasing, Waskaduwa Beach Resort and Softlogic Capital.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index gained 1.01%. The share price of John Keells Holdings increased by Rs. 4.50 to Rs. 198.25.

The diversified Financials sector was the second highest contributor to the market turnover (due to Citizens Development Business Finance) whilst the sector index decreased by 0.79%. The share price of Citizens Development Business Finance closed flat at Rs. 202.75.

Sampath Bank, Commercial Bank and Dialog Axiata were also included amongst the top turnover contributors. The share price of Sampath Bank moved down by 80 cents to Rs. 81.40. The share price of Commercial Bank recorded a loss of 50 cents to Rs. 106.50. The share price of Dialog Axiata appreciated by 50 cents to Rs. 10.