Stock market struggles, closes with minor gain

The Colombo stock market yesterday struggled its way to finish on a positive note on a choppy day for investor sentiment amidst low turnover. 

The benchmark All Share Price Index (ASPI) managed to close up by seven points whilst the S&PSL20 ended down by four points. Turnover was below average at Rs. 3.3 billion.

Several Hayleys Group shares recovered yesterday. Hayleys saw its share price gain by Rs. 3.30 or 5% to close at Rs. 68.80. Haycarb gained Rs. 10.75 (10.70%) to close at Rs. 111.25 and contributed 7.3 points to ASPI’s gain. Dipped Products moved up by Rs. 0.90 (1.49%) to close at Rs. 61.20. 

Big ticket stocks JKH saw a marginal dip of 50 cents to Rs. 156.25 whilst LOLC declined by 3.6% to Rs. 342. CTC defied the trend among the Big Three by gaining 1.36% or Rs. 14.75 to close at Rs. 1,099.75. Expolanka Holdings also gained.

First Capital said the Bourse reverted the direction back to positive amidst the diminishing trend of the turnover. Index hit its intraday low of 7,386 followed by a W-shaped recovery within the first hour of trading. Thereafter market witnessed a sideway uptrend movement and closed at 7,588 with an advance of seven points. 

Capital Goods sector continued to lead the turnover for the session followed by Materials sector making a combined contribution of 46%. 

Asia Securities said with the ASPI declining 190.12 points to its lowest point during the day, the ASPI posted a strong recovery to close in green. S&P Sl20 witnessed a similar trend with a partial recovery of its losses.

NDB Securities said the ASPI edged up as a result of price gains in counters such as Haycarb, Ceylon Tobacco Company and Expolanka Holdings.

It said high net worth and institutional investor participation was noted in Seylan Bank non-voting. Mixed interest was observed in Royal Ceramics, Hayleys and Sampath Bank, whilst retail interest was noted in Vallibel One, Haycarb and Dipped Products. 

Capital Goods sector was the top contributor to the market turnover (due to Vallibel One and Hayleys), whilst the sector index gained 1.33%. The share price of Vallibel One recorded a gain of Rs. 2.10 (3.39%) to close at Rs. 64. The share price of Hayleys appreciated by Rs. 3.30 (5.04%) to close at Rs. 68.80.

Materials sector was the second highest contributor to the market turnover (due to Haycarb and Dipped Products), whilst the sector index increased by 2.50%. The share price of Haycarb gained Rs. 10.75 (10.70%) to close at Rs. 111.25. The share price of Dipped Products moved up by Rs. 0.90 (1.49%) to close at Rs. 61.20.

Furthermore, LOLC Holdings was also included amongst the top turnover contributors, whilst the share price of LOLC Holdings decreased by Rs. 12.75 (3.59%) to close at Rs. 342.

Net foreign selling amounted to Rs. 160 million, down from Rs. 209 million on Tuesday whilst the year-to-date outflow was Rs. 11.7 billion.

Estimated net foreign buying topped in HAYC at Rs. 9.4 million and net foreign selling topped in SAMP at Rs. 79.8 million.