Stock market off to a positive start

The Colombo stock market began a fresh week on a positive note with improved investor activity.

The All Share Price Index (ASPI) gained by over 24 points or 0.3% and the S&PSL20 improved by over six points or 0.2%. Turnover was Rs. 2 billion with 77.5 million shares traded.

First Capital said the Bourse continued its drive in the positive direction for the third consecutive session while sustaining its winning streak for the third consecutive day. Index experienced a zigzag movement throughout the day while reaching intra-day high of 7,257 and recording low of 7,209 while closing at 7,218 levels gaining 25 points for the day. 

It said the Materials sector led the turnover for the session followed by the Capital Goods sector, making a joint contribution of 56%. Meanwhile, parcel trades in TJL accounted for 13% of the turnover. 

Asia Securities said renewed sentiment among retail investors led to the indices posting strong gains, followed by a period of stabilisation.  It said turnover topped in export-oriented counters, such as DIPD, HAYC and HAYL, which witnessed significant price gains. However, banking counters witnessed price losses during the session.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Hayleys, Haycarb and Distilleries. 

It said high net worth and institutional investor participation was noted in Teejay Lanka, John Keells Holdings and Sunshine Holdings. Mixed interest was observed in Hayleys, Sampath Bank and Dipped Products, whilst retail interest was noted in Alumex, Browns Investments and Expolanka Holdings. The Materials sector was the top contributor to the market turnover (due to Dipped Products and Haycarb), whilst the sector index gained 3.85%. The share price of Dipped Products gained Rs. 2.20 (4.67%) to close at Rs. 49.30. The share price of Haycarb recorded a gain of Rs. 8 (8.38%) to close at Rs. 103.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to Hayleys), whilst the sector index increased by 1.18%. The share price of Hayleys moved up by Rs. 4 (6.31%) to close at Rs. 67.40.

Teejay Lanka and Expolanka Holdings were also included amongst the top turnover contributors. The share price of Teejay Lanka decreased by Rs. 0.20 (0.50%) to close at Rs. 40.10. The share price of Expolanka Holdings appreciated by Rs. 0.20 (0.43%) to close at Rs. 46.20.

Separately Agstar announced a final dividend of Rs. 0.20 per share.

Net foreign selling yesterday was Rs. 344 million, increasing the net outflow to Rs. 18.4 billion.

Estimated net foreign buying topped in PARQ at Rs. 6.1 million and net foreign selling topped in JKH at Rs. 85.7 million.