Monday, June 21, 2021
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CSE closes on the up but ends week with dip

The Colombo stock market closed on the up yesterday, even though it finished the week on a negative note.

The All Share Price Index gained by 0.9% and the S&P SL20 improved by 0.67% yesterday. Turnover was Rs. 1.28 billion with 61.4 million shares traded.

For the week, the ASPI lost 13.77 points (0.19%), while the S&P SL20 lost 6.12 points (0.21%). Turnover averaged Rs. 1.62 billion, down from Rs. 2.1 billion in the previous week.

First Capital said the Bourse wound up the week with a bullish essence for the third consecutive day, gearing the index upward with the continuous flow of positive fundamental indicators to the market. “The ASPI maintained a steady uptrend throughout the session to close at 7,228, gaining 66 points,” First Capital said.

It said the Food, Beverage and Tobacco sector led the turnover, closely followed by the Materials sector with a joint contribution of 39%. Parcel trades accounted for 6% of the turnover.

Asia Securities said the indices trended upwards throughout the session and closed in green territory for the third consecutive day. Counters such as BIL, MGT and LLUB were the top contributors to market turnover.

It also said Food, Beverage and Tobacco, Materials, Capital Goods and Consumer Durables and Apparel sectors led activity, collectively accounting for 66.7% of turnover.

Foreigners recorded a net outflow of Rs. 35.8 million. Estimated net foreign buying topped in CARG at Rs. 10.4 million and net foreign selling topped in NEST at Rs. 40 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Nestle Lanka, Ceylon Tobacco Company and Browns Investments.

It said high net worth and institutional investor participation was noted in Cargills (Ceylon) and Citizens Development Business Finance. Mixed interest was observed in Nestle Lanka, Dipped Products and Chevron Lubricants, whilst retail interest was noted in Renuka Capital, Hayleys Fabric and Browns Investments.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments), whilst the sector index gained 1.64%. The share price of Browns Investments increased by Rs. 0.20 (3.03%) to close at Rs. 6.80. The Materials sector was the second highest contributor to the market turnover (due to Chevron Lubricants), whilst the sector index increased by 2.07%. The share price of Chevron Lubricants moved up by Rs. 8.15 (8.71%) to close at Rs. 101.75.

Hayleys Fabric, Cargills and Royal Ceramics were also included amongst the top turnover contributors. The share price of Hayleys Fabric gained Rs. 0.70 (3.87%) to close at Rs. 18.80. The share price of Cargills recorded a gain of Rs. 1.50 (0.65%) to close at Rs. 232.00. The share price of Royal Ceramics appreciated by Rs. 0.20 (0.54%) to close at Rs. 37.00.

Separately, Talawakelle Tea Estates announced a final dividend of Rs. 1.50 per share.

(FT)