Mixed sentiments at CSE on first day of trading post-Avurudu

• Retail interest drive Expolanka Holdings price by Rs. 10.50 (6.39%) to Rs. 174.75

The Colombo stock market yesterday saw mixed developments in the first day of trading after the Sinhala-Tamil New Year though there was welcome net foreign inflow. The active S&P SL20 gained by over 13 points or 0.5% whilst the benchmark ASPI declined by over nine points or 0.1%. Turnover was Rs. 1.3 billion involving 46 million shares.

Foreigners recorded a net inflow of Rs. 74.5 million while their participation increased to 14.2% of turnover (previous day 5.1%). Net foreign buying topped in SPEN at Rs. 64.9 million and selling topped in JKH at Rs. 73.6 million.

Asia Securities said the indices commenced the week on a mixed note with the ASPI edging down nine points and the S&P SL20 index closing with a gain of 14 points amidst improved market turnover. EXPO continued renewed momentum on the back of active retail buying which resulted in the stock recording a 6.4% gain for the day.

SPEN (+1.4%), DIAL (+1.0%), ASIR (+4.7%), HAYL (+1.9%), and LLUB (+1.6%) closed in green while JKH (-1.6%), AAIC (-2.1%), MELS (-1.1%), SUNN (-1.5%), AGST (-1.5%), and FCT (-6.4%) witnessed retail selling during the session. The breadth of the market was negative with 78 price gainers and 106 decliners.

Turnover was led by EXPO (Rs. 372 million), JKH (Rs. 188 million), and LIOC (Rs. 167 million). First Capital said the market initiated with a positive investor interaction even though the bourse trended down towards the second half of the day amidst selling pressure in large cap counters.

It said the festive season backed the upward trend towards the start of the day, despite the ASPI closing in red as it halted at 9,406 losing nine points. A clear negative contribution was shown in the banking sector and JKH while EXPO largely backed the index followed by SPEN and HAYL.

Selling interest in JKH was centred around foreign investors, though foreign buying predominantly set the ground as the bourse closed for the day with strong foreign buying interest on SPEN and DIAL. There was also an interesting turn of events in Treasury counters as the interest rates showed a dip over the recent period.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings and Lanka IOC. Mixed interest was observed in Dialog Axiata, Expolanka Holdings and Asiri Hospital Holdings whilst retail interest was noted in Browns Investments, Marawila Resorts (rights) and SMB Leasing nonvoting.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index gained 6.38%. The share price of Expolanka Holdings increased by Rs. 10.50 (6.39%) to Rs. 174.75.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings and Aitken Spence) whilst the sector index decreased by 0.62%. The share price of John Keells Holdings lost Rs. 2.25 to Rs. 135.25. The share price of Aitken Spence recorded a gain of Rs. 1.75 to Rs. 129.75.

Lanka IOC and Dialog Axiata were also included amongst the top turnover contributors. The share price of Lanka IOC moved up by Rs. 1.50 to Rs. 179.50. The share price of Dialog Axiata appreciated by 10 cents to Rs. 10.50.