ASPI extends gains; banks provide silver lining

The Colombo stock market ended the week on a mixed note with benchmark All Share Index up but blue chip S&P SL 20 Index down marginally with Friday’s turnover amounting to Rs. 634 million.

“The benchmark index dipped amidst selling pressure during mid-day grasped pace during latter trading securing a gain of 12 points at its close of 5,765.94 points,” Softlogic Stockbrokers said.

The Banking, Finance and Insurance sector proved its dominancy adding 66% to the turnover.

Gains denoted in Commercial Leasing (+6.7%), Commercial Bank (+1.8%) and Nestle Lanka (+1.6%) supported the uptrend, outweighing losses made in National Development Bank (-5.9%) and John Keells Holdings (-0.5%).

The S&P SL20 with its YTD yield standing at 7.4%, dipped 6 points to 3,312.53 points with losses denoted in large caps, Softlogic said.

Union Bank spearheaded turnover with crossings adding 32% to turnover.

“Union Bank took the top slot contributing 27% to the day’s turnover. Its price witnessed a sharp appreciation of 9.7% to Rs. 22.5 at its intra-day high before it closed with a gain of 7.8% at its close of Rs. 22.1. The counter added 5.5 million shares to the crossings board at a 52-week (off-market) price of Rs. 20,” Softlogic said. It also said Nations Trust Bank continued gain momentum with a further 1 million shares transacted via 2 crossings at a 52-week high (off-market) price of Rs. 60.2.

Premier blue chip John Keells Holdings which saw rather dormant on-board activity today encountered a block of 136,000 shares which was crossed off at Rs. 248 each.

The broking firm also said the banking sector play persisted strongly with Sampath Bank, National Development Bank Commercial Bank, Nations Trust Bank and Union Bank emerging center stage. The former two counters dipped 1.7% and 5.9% on the back of its dividend XD date expiring yesterday while the rest managed to sustain the investor eye. DFCC Bank continued to trade at a 52-week high of Rs. 140.6.

Cargills saw renewed buying interest as it encountered a block of 85,000 dealt at its intra-day high of Rs. 155. The latter touched a new 52-week high at Rs. 329.9 on thin volume after an on-board pick of 84k shares at Rs. 250.1.

Softlogic said retail activity saw some improvement with Union Bank, Blue-Diamond Voting & Non-Voting and Dialog Axiata topping the most active list.