Saturday, July 31, 2021
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Colombo stock market sustains rally with high turnover

The Colombo stock market sustained its rally fired by new found optimism, with both indices up amidst near Rs. 5 billion turnover.

First Capital said the bourse remained in the green zone for the second consecutive day with turnover striking more than Rs. 3 billion for the third session.

“ASPI gained 15 points within the first minute of trading, followed by a short-lived dip till the first 30 minutes of the session. Later, the index revealed a steady uptrend, followed by a sideways movement over the latter part of session, prior to closing at 8,068 gaining 46 points,” First Capital said.

It said turnover was led by the Transportation sector, followed by the Capital Goods sector, collectively accounting for a total contribution of 48%.

Asia Securities said the ASPI moved in a narrow range between 8,020-8,040 during the first half of the session, however driven by gains in index-heavy counters LOLC, EXPO and HAYL the index steadily trended upwards and closed with sharp gains. EXPO generated the highest turnover (~25%), dominated by retail and HNI investors while overall activity remained at stronger levels.

Transportation, Capital Goods, Materials and Diversified Financials sectors led activity, collectively accounting for 76.6% of turnover.

Asia also said foreigners recorded a net outflow of Rs. 442.7 million while their participation declined to 5.5% of turnover (previous day 8.3%). Estimated net foreign buying topped in CIC.N at Rs. 10.4 million and net foreign selling topped in COMB.N at Rs. 305.9 million ($ 1.5 million).

NDB Securities said indices closed in green as a result of price gains in counters such as LOLC Holdings, Expolanka Holdings and Hayleys.

It said high net worth and institutional investor participation was noted in Expolanka Holdings, Commercial Bank and Alumex. Mixed interest was observed in Hayleys, LOLC Holdings and Dipped Products whilst retail interest was noted in SMB Leasing, SMB Leasing nonvoting and Industrial Asphalts.

Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) whilst the sector index gained 3.17%. The share price of Expolanka Holdings increased by Rs. 2.00 (3.18%) to close at Rs. 64.80. Capital Goods sector was the second highest contributor to the market turnover (due to Hayleys) whilst the sector index increased by 0.72%.

The share price of Hayleys appreciated by Rs. 3.20 (4.04%) to close at Rs. 82.40. LOLC Holdings, Dipped Products and Commercial Bank were also included amongst the top turnover contributors. The share price of LOLC Holdings gained Rs. 14.00 (3.17%) to close at Rs. 455.00.

The share price of Dipped Products moved up by Rs. 2.20 (3.91%) to close at Rs. 58.40. The share price of Commercial Bank recorded a loss of Rs. 1.00 (1.14%) closing at Rs. 86.80 whilst foreign holdings decreased by 3,523,955 shares.


(FT)