New week sees positive start at CSE

The Colombo stock market began a fresh week on a positive note though investor activity was relatively low.

The active S&P SL20 gained by 1% and the benchmark ASPI by 0.5%. Turnover was only Rs. 776.4 million involving 23 million shares.

Asia Securities said the market commenced the week on a positive note with the indices moving upwards for a fourth consecutive session. The ASPI crossed the 10,800 level and finished at a four-week high of 10,851 (+57 points). Market speculation on a share buyback brought EXPO into focus during the session as the stock closed with a 6.4% gain, securing the highest turnover at Rs. 172 million, and accounting for 22% of the total market turnover. 

Sectorally, the banking sector continued to witness investor interest, especially in SAMP (+1.5%), PABC (+2.1%), COMBN (+0.3%), COMBX (+1.2%), and NTBN (+0.7%). In addition, LIOC ended the session on a high note with a price gain of 2.1%. TKYOX (-1.3%) closed in red whereas TKYON ended positively with a 5.2% gain. EXPO (+17 points), SAMP (+9 points), and JKH (+6 points) ended as the major index drivers for the day. The breadth of the market was neutral with 86 price gainers and 83 decliners.

Asia also said foreigners recorded a net inflow of Rs. 48.9 million. Net foreign buying topped in RICH at Rs. 44.9 million and selling topped in TKYO.X at Rs. 43.7 million.

First Capital said the bourse commenced on a positive note but transformed into a volatile state as the day progressed however, attained to close on the green gaining 57 points on the back of bullish optimism regarding the IMF review meeting which is scheduled for 12 December 2023. 

Moreover, selected banking sector counters namely SAMP, COMB and NTB aided the index to record at 10,851 contributing exceptionally well. Furthermore, blue chip companies such as EXPO, TKYO and RICH also backed the index to remain in the positive territory towards the end of the day as investors displayed revitalised interest on the above stated counters. Market turnover was recorded at Rs. 776.4 million, 23.4% lower than the monthly average of Rs. 1 billion, mainly aided by the transportation sector and the banking sector for a joint contribution on 48%. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Hatton National Bank, and Richard Pieris & Company. Mixed interest was observed in Expolanka Holdings, Sampath Bank and Tokyo Cement Company whilst retail interest was noted in UB Finance Company, LOLC Finance and Amana Bank. 

The Banking sector was the top contributor to the market turnover (due to Sampath Bank) whilst the sector index gained 0.49%. The share price of Sampath Bank gained Rs. 1.10 to Rs. 73.40.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) whilst the sector index increased by 6.41%. The share price of Expolanka Holdings increased by Rs. 9 to close at Rs. 149.25.

Tokyo Cement Company nonvoting, Richard Pieris & Company and John Keells Holdings were also included amongst the top turnover contributors. The share price of Tokyo Cement Company nonvoting moved down by 50 cents to Rs. 37. The share price of Richard Pieris & Company recorded a gain of 10 cents to Rs. 20.50. The share price of John Keells Holdings appreciated by Rs. 2 to Rs. 192.