Stock market manages marginal recovery

Thursday, 29 July 2021 03:36 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday managed a marginal recovery as, judging by low activity, investor sentiment remained lacklustre.

The All Share Price Index gained by 15 points, or 0.19%, and the S&P SL20 was up nine points, or 0.30%. Turnover was Rs. 1.8 billion involving 75 million shares.

First Capital said the bourse restored its position in the green zone by closing marginally higher although turnover recorded less than Rs. 2 billion since almost two weeks.

“ASPI remained positive till the first seven minutes of the session and thereafter, gradually dropped to an intra-day low of 8,075 during mid-day. Subsequently, the index recovered with a steep uptrend, followed by a sideways movement over the second half of the session, displaying a cup and handle formation before closing at 8,097,” First Capital added.

It said turnover was led by the Capital Goods sector, followed by the Transportation sector, collectively accounting for a total contribution of 41%.

Asia Securities said the ASPI initially declined to an intra-day low of 8,076 (-17 points), before staging a 31-point recovery and stabilised in the range of 8,090-8,110 as the session progressed. Losses in NIFL weighed down the index, however price gains in EXPO, BOGA and BIL pushed the index to close marginally higher following two sessions of declines. EXPO generated the highest turnover, led by retail investors, while overall activity was recorded at moderate levels.

Asia said foreigners recorded a net outflow of Rs. 84.2 million while their participation remained flat at 4.8% of turnover (previous day 4.4%). Estimated net foreign buying topped in RCL at Rs. 9.6 million and net foreign selling topped in JKH at Rs. 46.7 million.

NDB Securities said the ASPI edged up as a result of price gains in counters such as Expolanka Holdings, Browns Investments and Ambeon Capital.

It said high net worth and institutional investor participation was noted in John Keells Holdings, Amaya Leisure and Windforce Ltd. Mixed interest was observed in Expolanka Holdings, Bogala Graphite Lanka and Ambeon Holdings whilst retail interest was noted in SMB Leasing nonvoting, Browns Investments and R I L Property.

The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings) whilst the sector index lost 0.32%. The share price of John Keells Holdings moved down by Rs. 0.50 (0.36%), closing at Rs. 136.75 whilst foreign holdings decreased by 341,400 shares.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) whilst the sector index increased by 1.20%. The share price of Expolanka Holdings increased by Rs. 0.80 (1.21%) to close at Rs. 66.80.

Bogala Graphite Lanka, Amaya Leisure and Ambeon Holdings were also included amongst the top turnover contributors. The share price of Bogala Graphite Lanka gained Rs. 12.80 (20.16%) to close at Rs. 76.30. The share price of Amaya Leisure recorded a gain of Rs. 1.50 (7.50%) to close at Rs. 21.50. The share price of Ambeon Holdings appreciated by Rs. 1.90 (7.36%) to close at Rs. 27.70.

Separately, Mercantile Investments & Finance announced an interim dividend of Rs. 65 per share.