Thursday Nov 28, 2024
Thursday Nov 28, 2024
Friday, 27 November 2020 00:13 - - {{hitsCtrl.values.hits}}
The Colombo stock market sustained its new momentum moving towards a near 11-month high, although turnover declined in comparison to Wednesday.
Softlogic Stockbrokers said the All Share Price Index increased by 6.3 points to close at 6,148.1 (+0.1%) whilst the more liquid S&P SL 20 Index also increased by 7.5 points to close at 2,423.7 (+0.3%). Turnover was Rs. 1.97 billion lower as against Rs. 2.5 billion on Wednesday but higher against the 12-month average of Rs. 1.6 billion.
Top traded counters for the day were Expolanka Holdings Rs. 173.9 million and share price down 0.8%, Hayleys Fabric Rs. 144.7 million and share price up 6.2%, Dipped Products Rs. 142.4 million and share price down 0.6%, ACL Cables Rs. 123.7 million and share price up 2.9% and Melstacorp Rs. 109.5 million and share price up 1.6%, Softlogic Stockbrokers added.
First Capital said the market witnessed an uptick for the third consecutive session while recording a near 11-month high.
“The index experienced a volatile sideways movement till mid-day and thereafter recorded a slight downtrend, closing at its intraday low of 6,148, gaining six points,” it added.
Asia Securities said the market, having turned positive YTD on Wednesday, remained in positive territory during the day with the indices closing in green.
“The announcement of a lending caps on mortgage-backed housing loans drove interest in the construction-related manufacturing sector with counters such as ACL, TKYO, RCL and PARQ seeing gains,” Asia said. It also said foreigners showed renewed buying interest in Hemas – a positive sign of foreigners entering the market.
It said turnover and activity were mainly dominated by retail and HNI clientele.
NDB Securities said the ASPI edged up as a result of price gains in counters such as C T Holdings, Bukit Darah and Distilleries.
It said high net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Dipped Products, Melstacorp and Tokyo Cement Company nonvoting, whilst retail interest was noted in Expolanka Holdings, Hayleys Fabric and ACL Cables.
Materials sector was the top contributor to the market turnover (due to Dipped Products) whilst the sector index gained 0.46%. The share price of Dipped Products moved down by Rs. 2.10 (0.63%) to close at Rs. 330.30.
Capital Goods sector was the second highest contributor to the market turnover (due to ACL Cables) whilst the sector index increased by 0.21%. The share price of ACL Cables recorded a gain of Rs. 1.90 (2.91%) to close at Rs. 67.20.
Expolanka Holdings, Hayleys Fabric and Melstacorp were also included amongst the top turnover contributors. The share price of Expolanka Holdings decreased by Rs. 0.20 (0.79%) to close at Rs. 25.20. The share price of Hayleys Fabric gained Rs. 1.50 (6.20%) to close at Rs. 25.70. The share price of Melstacorp appreciated by Rs. 0.60 (1.56%) to close at Rs. 39.10.
Separately Hayleys Fabric announced an interim dividend of Rs. 0.45 per share.
According to Asia Securities, foreign participation decreased to 4.5% of turnover (10.2% previous day) with net outflows of Rs. 13.22 million. Estimated net foreign buying topped in Hemas at Rs. 40.6 million. Estimated net foreign selling topped in Commercial Bank (N) at Rs. 18.8 million.
