Stock market gains momentum; S&P SL20 gains 3.19% for the week

Saturday, 25 January 2020 00:01 - - {{hitsCtrl.values.hits}}

The Colombo stock market this week saw encouraging positive momentum with both indices improving thanks to active investor participation.

NDB Securities said during the week, the ASPI and the S&P SL20 gained 0.97% and 3.19%, respectively, whilst recording an average daily turnover of Rs. 569 million.

Yesterday the ASPI edged up as a result of price gains in counters such as Distilleries, LB Finance and Richard Pieris & Company with the turnover crossing Rs. 492 million. The S&P SL20 closed in green.

High net worth and institutional investor participation was noted in Commercial Bank and Cargills. Mixed interest was observed in Royal Ceramics and John Keells Holdings whilst retail interest was noted in Browns Investments and Access Engineering.

Foreigners remained active closing as net sellers. Total foreign sales accounted for 51.5% of the turnover.

Banks sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index edged up by 0.04%. The share price of Commercial Bank closed flat at Rs. 93.50.

Capital Goods sector was the second highest contributor to the market turnover (due to Royal Ceramics, John Keells Holdings and Access Engineering) whilst the sector index increased by 0.33%. The share price of Royal Ceramics moved up by Rs. 3.50 (4.17%) to close at Rs. 87.50.

The share price of John Keells Holdings closed flat at Rs. 167.

The share price of Access Engineering appreciated by Rs. 0.10 (0.51%) to close at Rs. 19.80.

Cargills was also included amongst the top turnover contributors. The share price of Cargills gained Rs. 0.80 (0.42%) to close at Rs. 190.