Friday Nov 15, 2024
Friday Nov 15, 2024
Saturday, 11 December 2021 00:21 - - {{hitsCtrl.values.hits}}
The Colombo stock market produced a strong finish to the week yesterday with both indices gaining by 2% and turnover rebounding to the Rs. 7 billion mark.
The All Share Price Index gained by 1.9% or 215 points, and the S&P SL20 Index shot up by 2.2% or over 88 points. Turnover was Rs. 6.99 billion involving 359 million shares. Market capitalisation also reverted back to the Rs. 5 trillion mark.
During the week, ASPI recovered from the previous week’s losses, ending 405 points higher (+3.69%) while the S&P SL20 gained 190 points (+4.89%). Turnover averaged Rs. 6.18 billion though declining from the Rs. 8.72 billion average in the previous week.
Asia Securities said boosted by strong retail and HNI momentum in EXPO, market witnessed another buoyant session on Friday with both indices marking new milestones amid recording a higher turnover.
“The ASPI closed just nine points shy of the 11,400 mark, while the more liquid S&P SL20 index scaled above the 4,000 level for the first time in history,” Asia added.
It said on the back of a sharp 8.3% gain, EXPO spearheaded activity, generating Rs. 1.27 billion of turnover, while construction-related manufacturing stocks also saw higher activity during the session and ended with decent gains. Large-cap LOLC group companies LOLC, LOFC and CLC continued recovering their sharp losses extended earlier this week.
“Following a strong start to the session, the ASPI touched an intra-day high of 11,460 (+282 points) in mid-afternoon trade, and witnessed a bout of stabilisation in the second half of the session. On the other hand, the S&P SL20 index stayed on an upward trajectory throughout the session and closed out at another all-time high of 4,075 (+89 points),” Asia added.
It said foreigners recorded a net outflow of Rs. 14.4 million while their participation declined to 1.8% of turnover (previous day 2.7%). Net foreign buying topped in JKH at Rs. 13 million and net selling topped in SUN at Rs. 22.2 million.
First Capital said the bourse closed for the day in the green zone with a heavy gain, continuing Thursday’s buying spree while recording a one-week high turnover.
“The index opened on an upbeat note and escalated sharply till mid-session, reaching an intraday high of 11,465 as investors continued the bull rally. Subsequently, the index slumped gradually as a subtle selling spree emerged, but it remained in the green territory and closed for the day at 11,393,” First Capital said, adding turnover was led by a joint contribution of 41% from the Capital Goods sector and Transportation sector.
NDB Securities said indices closed in green as a result of price gains in counters such as Expolanka Holdings, LOLC Holdings and Royal Ceramics.
It said high net worth and institutional investor participation was noted in Expolanka Holdings, Royal Ceramics and Hayleys. Mixed interest was observed in CIC Holdings and The Colombo Fort Land & Building, whilst retail interest was noted in SMB Leasing, Tess Agro and Browns Investments.
The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics), whilst the sector index gained 2.39%. The share price of Royal Ceramics moved up by Rs. 4 (5.79%) to close at Rs. 73.10.
Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 8.32%. The share price of Expolanka Holdings increased by Rs. 26 (8.32%), closing at Rs. 338.50.
Browns Investments, LOLC Holdings and Lanka Orix Finance were also included amongst the top turnover contributors. The share price of Browns Investments gained 10 cents (0.70%) to close at Rs. 14.30. The share price of LOLC Holdings recorded a gain of Rs. 19 (1.94%) to close at Rs. 997. The share price of Lanka Orix Finance appreciated by 60 cents (2.51%) to close at Rs. 24.50.
