Saturday Dec 14, 2024
Saturday Dec 14, 2024
Thursday, 29 April 2021 00:22 - - {{hitsCtrl.values.hits}}
The Colombo stock market moved to positive territory after a three-day bearish mood amidst improved sentiments and turnover.
The All Share Price Index (ASPI) gained by 2.45% or 173 points and the S&P SL20 shot up by 2.74% or 77 points. Turnover was Rs. 2.2 billion involving 107.3 million shares.
First Capital said the bourse jumped into green territory with renewed confidence squashing the pessimism which prevailed during the previous three sessions.
“The ASPI surged at the beginning and experienced significant volatility towards mid-day and thereafter displayed a steady upward movement to close over 2.4% higher at 7,240, gaining 173 points while erasing the losses reported in the previous session,” First Capital added.
It said the Capital Goods sector boosted the turnover for the day followed by the Materials sector with a joint contribution of 55%.
Asia Securities said following three consecutive sessions of losses, the indices commenced the session with a strong recovery and continued trending upwards.
It said price gains in actively trading counters such as RCL, LOLC and EXPO led the recovery, while turnover remained at healthy levels.
Capital Goods, Materials, Food, Beverage and Tobacco and Diversified Financials sectors led activity, collectively accounting for 78.6% of turnover, Asia added.
“We saw fresh buying coming to the market and the ASPI closing the day in green, up +2.5%,” NDB Equities said. It said the market lost 3.7% during the previous two days due to panic selling over rising COVID-19 cases.
NDB said index gains were mainly driven by LOLC Holdings, Expolanka Holdings and Browns Investments. High net worth and institutional investor participation was noted in Teejay Lanka and Windforce. Mixed interest was observed in Hayleys, Dipped Products and Royal Ceramics, whilst retail interest was noted in Softlogic Holdings, Browns Investments and NDB Rights. Foreign participation in the market remained at subdued levels with foreigners closing as net sellers.
The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics), whilst the sector index gained 3.88%. The share price of Royal Ceramics increased by Rs. 3.70 (11.86%) to close at Rs. 34.90.
The Materials sector was the second highest contributor to the market turnover (due to Dipped Products), whilst the sector index increased by 3.96%. The share price of Dipped Products moved up by Rs. 3.70 (7.06%) to close at Rs. 56.10.
Browns Investments, Expolanka Holdings and LOLC Holdings were also included amongst the top turnover contributors. The share price of Browns Investments gained Rs. 0.40 (6.67%) to close at Rs. 6.40. The share price of Expolanka Holdings recorded a gain of Rs. 3.60 (8.18%) to close at Rs. 47.60. The share price of LOLC Holdings appreciated by Rs. 24.50 (8.15%) to close at Rs. 325.
Foreigners recorded a net outflow of Rs. 60.8 million with estimated net foreign buying topping in Windforce at Rs. 21.5 million and net foreign selling highest in Nestle at Rs. 42 million.
