Stock market cheer grows ahead of Avurudu holidays

The Colombo stock market continued to show signs of cheer ahead of Avurudu holidays posting solid gains amidst improved investor activity. 

The active S&P SL20 gained by 1.5% whilst benchmark ASPI improved by 0.95%. Turnover was Rs. 1.67 billion involving over 84 million shares. 

Asia Securities said the indices closed higher for a third consecutive session amidst higher investors interest in EXPO (+3.7%), TKYOX (+3.2%), LIOC (+5.7%), SUN (+5.1%), and AGST (+15.3%). On the flipside, DIAL (-1.0%), HNBN (-0.8%), GLAS (-1.0%), and AHUN (-1.7%) closed in red for the day. LIOC (+12 points) came in as the biggest contributor to the ASPI, followed by EXPO (+11 points), and LOLC (+9 points). The breadth of the market was positive with 134 price gainers and 55 decliners.

Turnover was led by EXPO (Rs. 311 million), TKYOX (Rs. 189 million), and LIOC (Rs. 110 million). A net foreign inflow of Rs. 33 million was recorded for the day on the back of net buying in TKYOX (Rs. 164 million) while JKH (Rs. 69 million) topped net foreign outflows.

First Capital said the Bourse closed positively for the third straight session as index heavy-weights gained sharply during today’s session.

It said the Index narrowly declined initially but gradually gained momentum and remained high as buying interest was activated by mid-day predominantly on LIOC with the increased fuel quota and incremental demand due to the upcoming holiday season while EXPO too gained during the day by 3.7%. Accordingly, ASPI closed in green at 9,412 gaining 89 points. Meanwhile, towards the latter part of the session Treasury counters witnessed some activity as market participants speculated rates to decline further. 

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Lanka Tiles and Hayleys. Mixed interest was observed in Expolanka Holdings, Tokyo Cement Company nonvoting and Lanka IOC whilst retail interest was noted in SMB Leasing nonvoting, Marawila Resorts (rights) and Browns Investments. 

The Materials sector was the top contributor to the market turnover (due to Tokyo Cement Company nonvoting) whilst the sector index gained 1.68%. The share price of Tokyo Cement Company nonvoting gained Rs. 1.50 to Rs. 48.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) whilst the sector index increased by 3.68%. The share price of Expolanka Holdings increased by Rs. 6 to Rs. 168.50.

Lanka IOC, John Keells Holdings and Sunshine Holdings were also included amongst the top turnover contributors. The share price of Lanka IOC moved up by Rs. 9.75 (5.73%) to Rs. 180. The share price of John Keells Holdings recorded a gain of 75 cents to Rs. 138.75. The share price of Sunshine Holdings appreciated by Rs. 2.30 to Rs. 47.30.