Stock market crosses 9,500 point barrier as it raises the bar again

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Yesterday, the Colombo stock market broke through the psychological barrier of 9,500 points of the benchmark All Share Price Index as investors started a new week with improving sentiment although turnover was relatively low. weak.

The ASPI gained over 100 points or 1% to close the day at 9542, setting a new high for the CSE. However, the S&P SL20 Index struggled and closed almost flat. Turnover was Rs. 3.6 billion involving 228.3 million shares.

First Capital said the stock market has returned to the green zone, starting the week with solid gains while breaking the previous all-time high, despite posting low one-week turnover.

“The index hovered during the early hours of trading, hitting an intraday low of 9,393. As the bulls began to dominate, the index peaked at an intraday high of 9,553 at midday, while still breaking successfully hitting the psychological level of 9,500, driven by strong retail exposure and subsequently closing at 9,542, ”added First Capital.

He said the turnover was driven by a joint contribution of 56% from the capital goods, transport and food, beverage and tobacco sectors.

Asia Securities said that after Friday’s slight decline, the ASPI returned to positive territory and started the week on a strong note, hitting a new all-time high, mainly thanks to price gains from the CLC, which helped around 67 points on the index.

He said that excluding the contribution from Commercial Leasing (CLC), ASPI gained up to 33 points. Despite recording an 18% gain at market close, CLC activity only represented 3% of total turnover.

On the contrary, the more liquid S&P SL20 index managed to end the session with a marginal gain after losing 39 points in the early hours due to the fall in the prices of heavy stocks such as EXPO, DIPD and LOLC on holds. of profits. Healthy buys on EXPO, BIL and RCL supported business momentum, while the overall scale of the market remained positive with 110 stocks ending up versus 79 falling.

Asia said foreigners recorded a net outflow of Rs. 52 million as their stake rose to 1% of turnover (previous day 0.5%). Net foreign purchases estimated at the head of LB Finance at Rs. 1.2 million and net sales in JKH at Rs. 29 million.

NDB Securities said ASPI closed in green due to price gains in counters such as Commercial Leasing and Finance, Browns Investments and Royal Ceramics.

He said high net worth and institutional investor ownership has been noted in Royal Ceramics and Cargills. Mixed interest was seen for Expolanka Holdings, Dipped Products and John Keells Holdings, while retail interest was noted for RIL Property, Beruwala Resorts and SMB Leasing.

The capital goods sector was the largest contributor to market turnover (thanks to Royal Ceramics), while the sector index gained 0.87%. The Royal Ceramics share price rose by Rs. 1.80 (3.95%) to close at Rs. 47.40.

The Food, Beverage and Tobacco sector was the second largest contributor to market turnover (thanks to Browns Investments), while the sector index rose 0.61%. Browns Investments’ share price gained Rs. 0.40 (3.88%) to close at Rs. 10.70.

Expolanka Holdings, RIL Property and Dipped Products are also among the major contributors to revenue. Expolanka Holdings share price fell by Rs. 3 (1.51%), closing at Rs. 195.25. RIL Property’s share price recorded a gain of Rs. 1.10 (12.94%) to close at Rs. 9.60. The Dipped Products share price fell by Rs. 1.10 (1.94%) to close at Rs. 55.50.

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