Positive start for the week at CSE

Tuesday, 5 December 2023 00:55 - - {{hitsCtrl.values.hits}}

The Colombo stock market began a fresh week on the up though level of activity was average.

The active S&PSL20 gained by 0.7% and the benchmark ASPI by 0.2%. Turnover was only Rs. 708 million involving 22 million shares.

Asia Securities said the market started the week positively with the indices closing in the green for a fourth consecutive session, driven by banking stocks SAMP (+2.4%), COMB.N (+1.1%), COMBX (+1.8%), SEYBX (+3.0%), and HNBX (+1.4%).

Furthermore, DIST (+3.0%), LMF (+4.2%), VONE (+4.1%), and ACL (+2.1%) provided added support to the ASPI. The session commenced with the index experiencing a gap-up of 79 points, reaching 10,799 in early trading.

Nevertheless, it subsequently moved downwards due to price losses in CALT (-4.6%), PABC (-1.0%), SEYB.N (-3.8%), DFCC (-2.6%), and TKYO.N (-4.4%). Eventually, the ASPI concluded the session at 10,744 (+23 points).

SAMP (+13 points), LOLC (+9 points), and COMB (+6 points) came in as the primary contributors to the ASPI while DFCC (-6 points) ended as the biggest laggard on the index. Overall, 74 stocks concluded the session with gains, while 86 stocks registered losses.

Turnover was led by LIOC (Rs. 52 million), SAMP (Rs. 51 million), and LLUB (Rs. 48 million).

Foreigners recorded a net outflow of Rs. 52.5 million. Net foreign buying topped in LIOC at Rs. 26.5 million and selling topped in LLUB at Rs. 40.7 million.

First Capital said the Bourse continues its form and ended in the green zone for the 4th consecutive session. Index started off very strong on the backs of banking counters such as SAMP and COMB, carrying the previous sessions confidence to today but slowly dropped throughout the rest of the day as investors chose to take profits on counters such as DFCC. Nevertheless, the index ended with a 23 point increase to end on 10,744.

Market turnover was recorded 34% lower than the average monthly turnover of Rs. 1.1 billion. The Banking sector and the Food, Beverage and Tobacco sector were the largest contributors towards the market turnover with a joint contribution of 52%.

NDB Securities said high net worth and institutional investor participation was noted in Lanka IOC, Distilleries and Chevron Lubricants. Mixed interest was observed in Sampath Bank, Lanka Milk Foods and Nations Trust Bank whilst retail interest was noted in Capital Alliance, Pan Asia Banking Corporation and Seylan Bank nonvoting.

The Banking sector was the top contributor to the market turnover (due to Sampath Bank) whilst the sector index gained 0.68%. The share price of Sampath Bank gained Rs. 1.70 to Rs. 71.50.

The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Distilleries and Lanka Milk Foods) whilst the sector index increased by 0.47%. The share price of Distilleries recorded a gain of 80 cents to Rs. 27.80. The share price of Lanka Milk Foods appreciated by Rs. 9.25 to Rs. 230.

Lanka IOC and Chevron Lubricants were also included amongst the top turnover contributors. The share price of Lanka IOC increased by Rs. 3 to Rs. 106. The share price of Chevron Lubricants moved up by 80 cents to Rs. 88.80.