Stock market gains but suffers Rs. 1 b net foreign selling on COMB

The Colombo stock market remained on the up yesterday but suffered a significant Rs. 1 b net foreign outflow involving Commercial Bank.

The benchmark ASPI gained by 29 points or 0.35% and S&p SL20 by nearly 18 points or 0.7%. Turnover was Rs. 2.3 billion involving 67 million shares.

Asia Securities said the ASPI hovered in the narrow range of 8,300-8,330 throughout the session as heavyweight stocks moved in the opposite direction. Turnover was boosted by crossings in COMB (Rs. 1.0 billion), and JKH (Rs. 472 million). A net foreign outflow of Rs. 1.2 billion was recorded due to net selling in COMB (Rs. 1.0 billion) and JKH (Rs. 141 million). 

JKH ended as the biggest contributor to the ASPI (+13 points) followed by COMB (+4 points), and SPEN (+3 points). The breadth of the market remained negative with 82 price gainers and 97 decliners.

First Capital said the Bourse recorded gains for the second straight session as investor sentiment turned optimistic with buying interest spanning largely across JKH while market turnover hit a near 1-month high led by COMB which solely accounted for 47%.

Index moved with sizeable volatility during the session as investors bought into battered stocks before closing for the day at 8,323, with a slim gain of 29 points. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Expolanka Holdings, CIC Holdings and Aitken Spence with the turnover crossing Rs. 2.3 billion. 

Crossings were witnessed in Commercial Bank, John Keells Holdings and Expolanka Holdings accounting for 65.3% of the turnover. 

Mixed interest was observed in Lanka IOC, ACL Cables and Ex-pack Corrugated Cartons whilst retail interest was noted in Browns Investments, SMB leasing and Agstar.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index gained 0.36%. The share price of Commercial Bank increased by 60 cents (1.21%) to close at Rs. 50.

The Capital Goods sector was the second highest contributor to the market turnover (due to John Keells Holdings) whilst the sector index increased by 1.73%. The share price of John Keells Holdings gained Rs. 4.25 (3.14%) to close at Rs. 139.75.

Lanka IOC, Agstar and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Lanka IOC moved up by Rs. 2.75 (1.61%) to close at Rs. 174. The share price of Agstar recorded a gain of 40 cents (2.33%) to close at Rs. 18.30. The share price of Expolanka Holdings declined by Rs. 2.75 (1.77%) to close at Rs. 152.25