Positive start at Colombo stock market

The battered Colombo stock market began a fresh week on a positive note though amidst moderate activity.

The All Share Price Index gained by 0.7% and the S&P SL20 improved by 0.9%. Turnover was Rs. 1 billion involving 51.6 million shares.

Asia Securities said the ASPI closed in green for the second consecutive session, supported by price gains in LOFC (+1.7%), RCL (+6.5%), COMB (+1.6%), CLC (+2.2%) and BIL (+1.8%). 

However, retail and HNI activity remained at moderate levels as investors continued on the side-lines assessing the prevailing economic conditions and trading momentum in the market. 

Foreigners ended on the buying side with a net inflow of Rs. 41mn led by JKH (Rs. 25 million) and VFIN (Rs. 8.3 million). The ASPI commenced the session with a gap up of 69 points and traded upwards till mid-afternoon session supported by price gains in selected heavyweight counters across sectors. 

After reaching an intra-day high of 10,503 (+149 points), the index witnessed consolidation during closing hours and wrapped up the session with a gain of 68 points (+0.7%). The breadth of the market ended positive with 117 price gainers and 67 decliners. 

First Capital said the bourse continued to pursue the positive momentum for the second day as the announcement of consideration of financial assistance by China to Sri Lanka resulted in investors brimming with hopes. 

“The Index opened on an upbeat note and gradually displayed a strong upswing while traded in the green zone throughout the session and closed the day at 10,422, gaining 68 points,” First Capital said, adding turnover remained was led by Capital Goods, followed by Diversified Financials sectors accounting for a joint contribution of 45%.