The Colombo stock market finished a stellar week on a high note notwithstanding growing concerns over macro-economic stability and crisis on food and other essential items in the country.  

During the week, the ASPI and the S&P SL20 gained 8.63% and 7.60%, respectively, thereby producing the best first week of trading in a New Year in CSE’s history.

Average daily turnover was a high Rs. 11.4 billion, improving from Rs. 6.5 billion in the previous week.

Yesterday ASPI and S&PSL20 gained by 0.85% and 1.19%, respectively. Turnover was Rs. 11.6 billion involving over 622 million shares. Foreigners remained net sellers.

Asia Securities said the ASPI closed higher for the eighth consecutive session boosted by sharp price gains in VONE (+15.3), SHL (+18.2%) and ASIR (+24.6%). Turnover was boosted by retail and HNI activity in VONE (Rs. 1.1 billion), BIL (Rs. 778 million) SUN (Rs. 616 million), and EXPO (Rs. 544 million) while foreign activity in ABL also contributed significantly to turnover. The breadth of the market continued positive with 126 stocks closing higher while 109 settling with losses, Asia added.

It said foreigners recorded a net outflow of Rs. 1 billion while their participation increased to 5.8% of turnover (previous day 1.5%). Net foreign buying topped in EXPO at Rs. 44.7 million and net selling topped in ABL.N at Rs. 810 million.

First Capital said Bourse concluded in the green zone continuing a bull rally for a week straight driven by IPO openings and bustling activities in the market while recording an improved turnover.

“The Index see-sawed with volatility throughout the session where the index was on an upswing as the market opened but dipped down shortly and set off on a gradual recovery as retail participation progressed positively. Later index followed a sideways drift and closed at 13,281,” First Capital added.

It said VONE and SHL were the major contributors to the ASPI hike. Turnover was led by a joint contribution of 49% from the Capital Goods sector and Food, Beverage and Tobacco sector.

NDB Securities said high net worth and institutional investor participation was noted in John Keells Holdings, Softlogic Holdings and LVL Energy Fund. Mixed interest was observed in Vallibel One, Sunshine Holdings and Expolanka Holdings, whilst retail interest was noted in Amana Bank, Industrial Asphalts and Browns Investments.

The Capital Goods sector was the top contributor to the market turnover (due to Vallibel One), whilst the sector index gained 3.28%. The share price of Vallibel One increased by Rs. 12.20 (15.29%) to close at Rs. 92. Food, Beverage and Tobacco sector was the second-highest contributor to the market turnover (due to Browns Investments and Sunshine Holdings), whilst the sector index increased by 0.82%. The share price of Browns Investments moved down by 40 cents (2.15%) to close at Rs. 18.20. The share price of Sunshine Holdings recorded a gain of Rs. 1.40 (2.06%) to close at Rs. 69.50.

Amana Bank and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Amana Bank gained by 10 cents (2.38%) to close at Rs. 4.30. The share price of Expolanka Holdings declined by Rs. 4.25 (1.07%) to close at Rs. 394.25.

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