Stock market turnover tops Rs. 5.5 b, powered by retailers

• Expolanka dominates demand and trading; joins league of Top 10 companies by market capitalisation after being ranked 19th in end October

Turnover at the Colombo stock market topped the Rs. 5.5 billion mark yesterday as investors continued to savour listed equities on the back of recent gains. 

On Friday turnover was Rs. 4.99 billion and yesterday’s performance marked the second consecutive session of near or above Rs. 5 billion turnover. The All Share Price Index (ASPI) gained by over 34 points or 0.57%, just 0.2% short of moving to year-to-date positive territory. The S&P SL20 index gained by over nine points or 0.4%.

Expolanka, which announced stellar results for the second quarter, dominated investor interest. Over 57 million of its shares changed hands via 5,245 trades for Rs. 1.63 billion accounting for 30% of the turnover. It hit an intra-day high of Rs. 30 before closing at Rs. 28.20, up by 14%. Expolanka also contributed near 16% for the ASPI’s gain.

Expolanka also joined the league of Top 10 companies by market capitalisation yesterday with a value of Rs. 55.13 billion. In end October Expolanka with Rs. 18.10 as share price was ranked at number 19 with a value of Rs. 35.38 billion. 

Royal Ceramics, which also reported impressive earnings, CIC Holdings, Hayleys Plc and Lanka Walltiles were among top turnover contributors.

Singer Industries and Singer Sri Lanka (up 23.5% and 22.8% respectively), Richard Peiries, Vallibel One and Carsons were among top contributors to ASPI’s gain. 

First Capital said amidst heavy retail optimism, the market sustained over the 6,000 psychological level for the third consecutive session, posting a Rs. 5 billion plus turnover after three-and-a-half weeks. 

“Index witnessed a downtrend during the early hour of trading as it hit its intraday-low of 6,075. Later the market bounced back and recorded an upward movement and closed at 6,115, gaining 34 points,” it added.

Asia Securities said the market remained steady as most companies that reported corporate earnings exceeded expectations and the easing of containment measures further improved investor sentiment. Activity was mainly dominated by HNI and retail participation. Both indices witnessed a marginal drop during the first hour of trading, however recovered towards the latter end of the day. 

NDB Securities said high net worth and institutional investor participation was noted in United Motors Lanka. Mixed interest was observed in Hayleys, Dipped Products and Royal Ceramics, whilst retail interest was noted in Lanka Walltiles, CIC Holdings and Richard Pieris & Company.

Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), whilst the sector index gained 14.10%. 

Capital Goods sector was the second highest contributor to the market turnover (due to Royal Ceramics, Hayleys and Lanka Walltiles), whilst the sector index increased by 1.47%. The share price of Royal Ceramics lost Rs. 10.60 (6.52%) to close at Rs. 152.10. Furthermore, the share price of Hayleys recorded a gain of Rs. 11.80 (2.76%) to close at Rs. 439.50, whilst the share price of Lanka Walltiles appreciated by Rs. 12.60 (11.66%) to close at Rs. 120.70.

CIC Holdings was also included amongst the top turnover contributors. The share price of CIC Holdings moved up by Rs. 3.30 (2.60%) to close at Rs. 130.40.