The Colombo stock market enjoyed a prosperous day in its first trading post-Sinhala and Tamil New Year with both indices up amidst high turnover.
The All Share Price Index (ASPI) gained by 1.1% or 86 points and the S&P SL20 gained by 0.5% or 15 points. Turnover was Rs. 4.7 billion with 197 million shares changing hands – a recent record of 30,739 trades.
LOLC, Browns Investments, Vallibel One, Brown and Company and Commercial Leasing contributed most to the ASPI gain. Browns Investments topped the turnover league with Rs. 793.6 million, followed by LOLC (Rs. 463.3 million), Royal Ceramics (Rs. 441.8 million), Hayleys (Rs. 426 million) and Dipped Products (Rs. 375.3 million).
Year-to-date (YTD) ASPI's gain is 12.8% and S&P SL20 was up 16.75%, showing sustained momentum in recent weeks. On Monday, the ASPI was up 1.34% and S&P SL20 was up 1.46% with turnover at Rs. 3.5 billion.
First Capital said after almost eight weeks, market yesterday witnessed the highest number of trades, surpassing 30,000.
“Index witnessed a strong uptrend within the first 15 minutes of trading followed by a slight dip. Thereafter, market bounced back and continued its upward movement and closed at 7,644, gaining 86 points,” First Capital added.
It said the Capital Goods sector led the turnover for the session followed by the Food, Beverage and Material sectors making a joint contribution of 70%. Parcel trades accounted for 6% of the turnover. Foreign investors continued to be on the selling side while recording low participation.
Net foreign selling was Rs. 263.6 million, bringing the YTD figure over the Rs. 20 billion mark. On Monday, net foreign selling was higher at Rs. 507 million. Estimated net foreign buying yesterday topped in HAYL at Rs. 22.1 million and net foreign selling topped in COMB at Rs. 121.8 million according to Asia Securities.
Market was closed on both Tuesday and Wednesday on account of the New Year.
NDB Equities said the ASPI closed in green as a result of price gains in counters such as LOLC Holdings, Browns Investments and Vallibel One.
It said high net worth and institutional investor participation was noted in John Keells Holdings, Commercial Bank and Hatton National Bank. Mixed interest was observed in Dipped Products, Hayleys and Royal Ceramics, whilst retail interest was noted in Expolanka Holdings, LOLC Holdings and Browns Investments.
The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics and Hayleys), whilst the sector index gained 1.65%. The share price of Royal Ceramics moved up by Rs. 10 (2.82%) to close at Rs. 365. The share price of Hayleys recorded a gain of Rs. 2.80 (3.44%) to close at Rs. 84.20.
The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments), whilst the sector index edged up by 0.05%. The share price of Browns Investments increased by Rs. 0.30 (4.84%) to close at Rs. 6.50.
LOLC Holdings and Dipped Products were also included amongst the top turnover contributors. The share price of LOLC Holdings gained Rs. 24.75 (7.44%) to close at Rs. 357.25. The share price of Dipped Products appreciated by Rs. 2.10 (3.58%) to close at Rs. 60.80.
(FT)