Friday Sep 20, 2024
Friday Sep 20, 2024
Wednesday, 17 November 2021 00:21 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday gathered more momentum not withstanding private sector concerns over some of the tax proposals in Budget 2022.
The All Share Price Index (ASPI) reached a new benchmark closing above 11,000 points level for the first time whilst turnover was a recent high of Rs. 10.2 billion.
Year-to-date return of ASPI crossed the 60% mark yesterday to 62.50%. S&PSL20 has seen a 36.7% return.
Market capitalisation on the other hand is nearing Rs. 5 trillion mark with at yesterday’s closing being Rs. 4.912 trillion, up by 66% so far this year.
At the same time, the year to date net foreign outflow crossed the Rs. 47 billion mark.
First Capital said the ASPI set another record high while continuing the bullishness for the second consecutive day.
“Index continued on a gradual uptrend followed by a sideways movement throughout the trading session while closing at an all-time high of 11,008 gaining 256 points for the day,” First Capital added. It said turnover was supported by the Diversified Financial sector followed by the Food, Beverage and Tobacco sector generating a joint contribution of 65%.
Asia Securities said extending its record-breaking run, the ASPI surpassed the 11,000 level for the first time on Tuesday on the back of price gains in heavyweights CLC, LOFC, and EXPO while the more liquid S&P SL20 index edged higher after witnessing three consecutive sessions of losses.
It said retail and HNI buying in LOFC and EXPO led activity generating Rs. 4.8 billion of turnover.
“The ASPI commenced the session with a sharp 152-point gap up and remained upbeat throughout the session to scale another all-time high at 11,042 (+289 points) before closing at 11,008 level (+256 points). CLC contributed 149 points to the index while LOFC and EXPO contributed 82 and 54 points respectively,” Asia said.
On the contrary to the ASPI, S&P SL20 index witnessed a moderate session due to price declines in RCL and DIPD which were cushioned predominantly by price gains in EXPO. The breadth of the market remained negative with 76 stocks closing higher and 129 ending with price losses.
Asia also said foreigners recorded a net outflow of Rs. 112 million while their participation increased to 2.4% of turnover (previous day 1.6%). Net foreign buying topped in LOFC at Rs. 56.7 million and net selling topped in LLUB at Rs. 51.3 million.
NDB Securities said high net worth and institutional investor participation was noted in Vallibel One, Chevron Lubricants and Melstacorp. Mixed interest was observed in Expolanka Holdings, Browns Investments and Sunshine Holdings, whilst retail interest was noted in Lanka Orix Finance, SMB Leasing nonvoting and Lanka Credit and Business Finance Ltd.
Diversified Financials sector was the top contributor to the market turnover (due to Lanka Orix Finance and Commercial Leasing & Finance), whilst the sector index gained 8.57%. The share price of Lanka Orix Finance increased by Rs. 7 (23.18%) to close at Rs. 37.20. The share price of Commercial Leasing & Finance appreciated by Rs. 10.40 (14.40%) to close at Rs. 82.60.
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 reduced by 0.35%. The share price of Browns Investments moved down by 30 cents (2.59%) to close at Rs. 11.30. The share price of Sunshine Holdings recorded a gain of Rs. 5.20 (19.19%) to close at Rs. 32.30.
Expolanka Holdings was also included amongst the top turnover contributors. The share price of Expolanka Holdings gained Rs. 12.25 (6.04%) to close at Rs. 215.
Separately Vidullanka announced an interim dividend of 175 cents (Rs. 0.175) per share.
