Stock market sees improved turnover; ASPI at new high

The Colombo stock market saw improved turnover yesterday with the benchmark index hitting a new high on the back of sustained investor sentiment.

The All Share Price Index gained by over 140 points, or 1.37%, but S&PSL20 dipped by 12 points. Turnover improved to Rs. 6.1 billion with 188.3 million shares traded.

Asia Securities said despite maintaining a negative market breadth, the ASPI extended its record-breaking run on Wednesday (03) surging 140.3 points, or 1.37%, predominantly led by index heavy CLC while the more liquid S&P SL 20 index remained in negative territory for the second consecutive session edging 12.0 points, or 0.33%, lower due to price declines recorded in EXPO, RCL and LOLC.

CLC contributed 172 points to the index. Excluding the contribution of CLC, the ASPI was down 32 points or -0.3% at market close.

“Earlier, the ASPI touched the 10,500 level with a sharp 239-point gap up and scaled another fresh all-time high at 10,511 during opening hours. Following a gradual decline to 10,352, the index picked up again in the second half of the session and eventually ended at a record close of 10,412 (+140 points). Totally, 87 stocks witnessed price gains during the session while 101 declined,” Asia said.

It said foreigners recorded a net outflow of Rs. 21.6 million while their participation declined to 1.1% of turnover (previous day 7.2%). Net foreign buying topped in TJL at Rs. 12.7 million and net selling topped in RCL at Rs. 10 million.

First Capital said the bourse ended firmly in the green zone, extending the bullish run while recording a one-week high turnover.

“The Index opened strong and continued to upsurge throughout the session reaching an intraday high of 10,518. However, as investors chose to book profits after the index surpassed the psychological barrier of 10,500, bulls managed to hold on to their position while closing at 10,412,” First Capital added. It said turnover was led by the Capital Goods sector, followed by the Food, Beverage & Tobacco sector, accounting for a joint contribution of 49%.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Commercial Leasing & Finance, Lanka Orix Finance and Bukit Darah.

It said high net worth and institutional investor participation was noted in Access Engineering, Colombo Fort Land Building and John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Commercial Leasing & Finance and Royal Ceramics whilst retail interest was noted in Lanka Orix Finance, Browns Investments and Agalawatte Plantations.

The Capital Goods sector was the top contributor to the market turnover (due to Access Engineering) whilst the sector index lost 0.35%. The share price of Access Engineering recorded a gain of Rs. 1.20 (4.80%) to close at Rs. 26.20.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Agalawatte Plantations) whilst the sector index edged up by 0.04%. The share price of Agalawatte Plantations lost Rs. 2.60 (7.74%) to close at Rs. 31.

Expolanka Holdings, Commercial Leasing & Finance and Lanka Orix Finance were also included amongst the top turnover contributors. The share price of Expolanka Holdings decreased by Rs. 3.75 (1.81%) to close at Rs. 203.25.  The share price of Lanka Orix Finance appreciated by 50 cents (5.10%) to close at Rs. 10.30