Strong rebound helps CSE close week on the up ahead of Budget 2025

Saturday, 15 February 2025 01:38 - - {{hitsCtrl.values.hits}}

The Colombo stock market yesterday ended the week on the up thanks to a strong uptick in indices amidst improved turnover.

The benchmark ASPI and active S&P SL20 gained by 2% thereby enhancing the week’s increase to 1.2% and 0.9% respectively. Earlier in the week the indices were bearish.

Turnover yesterday was Rs. 5 billion, above the week’s average of Rs. 3.2 billion.

Brokers and analysts welcomed the rebound ahead of the 2025 Budget to be presented on Monday by President Anura Kumara Dissanayake.

First Capital said the market witnessed further revival as the ASPI concluded in the green alongside improved trading volumes and investor participation. The ASPI stood at 16,937 having secured a jump of 358 points compared to Thursday. Amid some volatility particularly during the early trading hours, the ASPI registered a consistent uptick throughout the day. CINS, MELS, HAYL, CFIN and JKH stood out as the top positive contributors to the ASPI. On the flip side, LION, MGT and MAL emerged as the top negative contributors to the ASPI.

The Banking sector dominated turnover contributions with a share of 21%. The Capital Goods segment followed closely alongside the Food, Beverage, and Tobacco sector, which collectively accounted for 35% of total turnover.

Asia Securities said turnover led by HNBN (Rs. 548 million), RIL (Rs. 320 million), LION (Rs. 278 million), and HHL (Rs. 188 million). CINS (+54 points), MELS (+24 points), and HAYL (+17 points) came in as the major index movers for the day. The breadth of the market was positive with 169 price gainers and 40 decliners.

Foreigners recorded a net outflow of Rs. 513.6 million. Net foreign buying topped in DIAL at Rs. 101.3 million and selling topped in LION at Rs. 173.5 million.

NDB Securities said high net worth and institutional investor participation was noted in Lion Brewery, Ambeon Capital and Ceylinco Holdings. Mixed interest was observed in Hatton National Bank, R.I.L. Property and Hemas Holdings whilst retail interest was noted in Hela Apparel Holdings, Agarapatana Plantations and LOLC Finance.

The Banking sector was the top contributor to the market turnover (due to Hatton National Bank) whilst the sector index gained 1.47%. The share price of Hatton National Bank increased by Rs. 3.25 to Rs. 331.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to Hemas Holdings and Hayleys) whilst the sector index increased by 2.26%.

The share price of Hemas Holdings recorded a gain of Rs. 3.75 to Rs. 116.50. The share price of Hayleys appreciated by Rs. 6 to Rs. 141.75.

R.I.L. Property and Lion Brewery were also included amongst the top turnover contributors. The share price of R.I.L. Property gained Rs. 1.90 to Rs. 16.90. The share price of Lion Brewery moved down by Rs. 25.25 to Rs. 1,250.75

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