Robust week for Colombo Bourse

Saturday, 5 August 2023 01:20 - - {{hitsCtrl.values.hits}}

The Colombo stock market closed the week on a positive note bolstered by sustained investor interest, both local and foreign in a sign of renewed optimism.

ASPI gained 321.3 points (+2.8%) | S&P SL20 gained 133.5 points (+4.1%). On Friday, the indices closed with gains of 0.4% and 0.6% respectively. Turnover was Rs. 4.4 billion involving 147.4 million shares.

Asia Securities said the indices closed out the week on a positive note with the ASPI crossing 11,600 on the back of sharp price increases in JKH (+5.3%).

Banking sector counters COMBN (+1.3%), COMBX (+2.3%), SEYBN (+11.0%), SEYBX (+9.7%), UBC (+2.6%), and HNBX (+2.5%) continued their strong upward momentum during the session. On the other hand, DIST (+2.1%), MGT (+2.2%), DIAL (+6.1%), SUN (+2.9%) and WATA (+4.0%) saw steady buying interest from the investors. Foreigners remained on the buying side with a net inflow of Rs. 432 million led by JKH (Rs. 163 million), EXPO (Rs. 76 million), SAMP (Rs. 71 million), and COMBN (Rs. 62 million). Overall, 86 stocks recorded price increases while 104 settled with losses.

Turnover was led by JKH (Rs 1.3 billion).

First Capital said the Bourse extended the positive sentiment for the sixth consecutive day, displaying a volatile trading session on the back of slight selling pressure that emerged post mid-day.

The Index continued to rise high, reaching an intraday high of 11,663 in the early hours of trading, yet profit-taking emerged afterwards amidst the sizable price gains witnessed during the week. However, persistent bullish optimism on the banking sector led the market to close the week high at 11,633, gaining 51 points at the end of the day.

Blue-chip counters mainly JKH further strengthened on the back of continuous foreign interest leading the stock price to reach its 52-week high of Rs. 186. JKH accounted for 29% of the capital goods sector turnover.

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