Turnover at CSE hits 10-month high as ASPI sustains 19-day gain

Saturday, 21 December 2024 01:14 - - {{hitsCtrl.values.hits}}

Turnover at the Colombo stock market yesterday shot up to a 10-month high of Rs. 9.2 billion with the benchmark ASPI succeeding to gain for the 19th consecutive day.

Fuelled by trading of 899 million shares, turnover was led by Sierra Cables (Rs. 509 million), HNB (Rs. 375.5 million), Royal Ceramics (Rs. 298 million), Lanka Milk Foods (Rs. 293.6 million) and Access Engineering (Rs. 288.6 million). The market also saw over 30 crossings.

The ASPI gained by 1% and the active S&P SL20 by 0.7%. During the week, the ASPI gained by 4.3% and S&P SL20 by 4.2%. Turnover averaged Rs. 7.15 billion.

First Capital said the bourse experienced another day of positive sentiment and increased gains, closing in green for the 19th consecutive day. After Thursday’s volatile trading, the market rebounded strongly with significant gains. The most significant contributors towards the positive index were CFIN, CCS, MELS, AEL, and LLUB. Additionally, specific stocks in the construction sector such as SIRA, AEL and TKYO continued to attract investor interest throughout the day. Amidst multiple off-board transactions, and increased participation from retail and HNW investors, turnover was at a 10-month high and marked an increase of 95.8%, from the monthly average. The Capital Goods sector led the turnover by 25%, followed by the Banking and Food Beverage and Tobacco sectors jointly contributing 28% of the overall turnover. There was a net foreign outflow of Rs. 227 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Central Finance Company, Ceylon Cold Stores and Melstacorp.

High net worth and institutional investor participation was noted in The Colombo Fort Land and Building, SMB Leasing and Housing Development Finance Corporation. Mixed interest was observed in Sierra Cables, Hatton National Bank and Royal Ceramics whilst retail interest was noted in Industrial Asphalts, SMB Leasing nonvoting and Renuka Agri Foods.

The Capital Goods sector was the top contributor to the market turnover (due to Sierra Cables, Royal Ceramics and Access Engineering) whilst the sector index gained 0.79%. The share price of Sierra Cables increased by 90 cents to Rs. 12.90. The share price of Royal Ceramics moved up by Rs. 1.40 to Rs. 39.10. The share price of Access Engineering appreciated by Rs. 2.20 to Rs. 34.20.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank) whilst the sector index increased by 0.54%. The share price of Hatton National Bank edged down by 25 cents to Rs. 272.

Lanka Milk Foods was also included amongst the top turnover contributors with its share price gaining Rs. 1.50 to Rs. 44.30.