Stock market soars with high Rs. 6 b turnover

• ASPI crosses psychological 7,000 point level intra-day before closing lower

The Colombo stock market yesterday soared to new highs with over Rs. 6 billion turnover, a recent-times record high as indices continued to move up with active investor participation. 

The benchmark All Share Price Index (ASPI) crossed the psychologically important 7,000 point level in an intra-day high but due to profit taking closed lower at 6,978 points, up 1.2% or over 83 points from Monday. The S&P SL20 moved up 20 points or 0.75%. Turnover was Rs. 6.1 billion on top of near Rs. 5 billion on Monday. Number of trades was nearly 40,000 up from 34,000 on Monday.

First Capital said the bourse sustained the drive in the positive direction for the 6th consecutive session recording an inclined five-year high. 

“Index experienced an uptrend since the beginning of the session and reached its intraday high of 7,002 before closing at 6,979 gaining 84 points,” it added. 

Food and Beverage sector continued to lead the turnover for the session with the aid of BIL, closely followed by Capital Goods sector making a joint contribution of 49%. Moreover, parcel trades for the session amounted to 5% of turnover. 

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Ceylon Tobacco Company, Browns Investments and Vallibel One.

It said high net worth and institutional investor participation was noted in Kelani Cables, Alumex and CIC Holdings. Mixed interest was observed in John Keells Holdings, Ambeon Holdings and Tokyo Cement Company non-voting, whilst retail interest was noted in Browns Investments, Expolanka Holdings and ACL Cables. 

Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), whilst the sector index gained 1.57%. 

The share price of Browns Investments increased by Rs. 0.30 (6.25%) to close at Rs. 5.10.

Capital Goods sector was the second highest contributor to the market turnover (due to ACL Cables and Vallibel One), whilst the sector index increased by 1.25%. The share price of ACL Cables moved up by Rs. 3.70 (4.40%) to close at Rs. 87.80. The share price of Vallibel One appreciated by Rs. 2.40 (8.73%) to close at Rs. 29.90. 

Expolanka Holdings and Alumex were also included amongst the top turnover contributors. Furthermore, the share price of Expolanka Holdings gained Rs. 1.10 (3.56%) to close at Rs. 32.00, whilst the share price of Alumex recorded a gain of Rs. 1.90 (8.60%) to close at Rs. 24.00.

First Capital said foreign net selling was Rs. 264 million bringing the total in first two market days to over half a billion rupees Asia Securities said estimated net foreign buying topped in BIL at Rs. 36 million and net foreign selling topped in JKH at Rs. 133.6 million