Positive start for CSE with Rs. 409 m net foreign inflow

The Colombo stock market yesterday saw a positive start for the fresh week with indices up and more importantly net foreign inflow of over Rs. 400 million.  The active S&P SL20 gained by 0.55% and the benchmark ASPI by 0.41%. 



Turnover was Rs. 1.56 billion involving 29.2 million shares. Net foreign buying topped in JKH at Rs. 319.3 million followed by Hemas (Rs. 127 million). The duo also multiple crossings which accounted for 48% of the turnover.

Asia Securities said indices started the week in green with the ASPI gaining 48 points (+0.4%) and the S&P SL20 index increasing 19 points (+0.6%), supported by price increases in MGT (+1.3%), LMF (+2.4%), TKYO (+2.1%), DIST (+1.5%), LOFC (+3.3%), COCR (+0.3%) and LOLC (+1.3%). The ASPI touched an intra-day high of 11,912 (+68 points) before stabilising at 11,892 (+48 points). 

Price gainers in COMBN (+6 points), RICH (+4 points), and LOLC (+4 points) provided support for the ASPI during the session. The market breadth was positive with 100 price gainers and 64 decliners.

Turnover was led by crossings in JKH (Rs. 621mn), and HHL (Rs. 124mn) whilst CINS (Rs. 152mn) saw notable activity during the session. 

First Capital said the Colombo bourse started the week on a positive note, mirroring last week’s positive sentiment as the index experienced a sustained bullish momentum throughout the day, with nearly all Banking sector counters and conglomerates showing gains.  The ASPI halted the day at 11,892 gaining 48 points. Notably, significant buying interest in COMB was observed ahead of the XR date, which falls today.  Despite limited participation from retail investors, HNWIs were actively involved compared to previous sessions, with 47.7% of the overall turnover generated from off-board transactions. 

The Capital Goods sector contributed 61% to the turnover whilst the Insurance and Banking sectors jointly contributed 20% to the overall turnover. Furthermore, a significant number of shares traded in CINS resulted in the insurance sector being the second highest contributor to the overall turnover. NDB Securities said mixed interest was observed in Commercial Bank, Hayleys Fabric and Distilleries whilst retail interest was noted in LOLC Finance, Dialog Axiata and R I L Property. 

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings and Hemas Holdings) whilst the sector index gained 0.30%. The share price of John Keells Holdings decreased by 25 cents to Rs. 194.25. The share price of Hemas Holdings moved up by 40 cents to Rs. 81.40.

The Insurance sector was the second highest contributor to the market turnover (due to Ceylinco Insurance) whilst the sector index decreased by 0.32%. The share price of Ceylinco Insurance lost Rs. 3.75 to Rs. 2,479.50.

Commercial Bank and Hayleys Fabric were also included amongst the top turnover contributors. The share price of Commercial Bank recorded a gain of one Rupee to Rs. 104.50. The share price of Hayleys Fabric appreciated by 60 cents to Rs. 46.