ASPI gains 50 percent, turnover exceeds Rs.4 billion

By Hiran H.Senewiratne 

CSE activities were bullish and the ASPI gained  more than 50 percent,  less than six months after start of  trading on May 12, 2020 following the two month shut down of the stock market due to the Covid 19 global pandemic situation, stock market analysts said.

To date the market has recorded 6500 points, which is the highest after a lapse of two and a half years. Accordingly, the market witnessed very active retail participation yesterday with the touching of more than the Rs. 4 billion turnover mark. According to market analysts the low bank interest rates have  attracted many investors to the stock market, which would likely continue for sometime, analysts said.

“Market completed the 10th consecutive session of uptrend, recording the longest winning streak for the year supported by Banking and Capital Goods counters. Index experienced a continuous upward movement since the beginning of the session and closed at 6,474 with an advance of 76 points, sources said.

The market momentum was sustained with the indices closing firmly in the green and turnover surpassing Rs. 3 billion for the fourth consecutive session. “Interest in banks among HNIs and institutions picked up, led by foreign selling in NDB which was absorbed locally, sources added.

As a result both indices moved upwards. The All Share Price Index went up by 90.2 points and S and P SL20 by 62.12 points. The turnover stood at Rs. 4.24 billion with three crossings. Those crossings were reported in Commercial Bank where 789,000 shares crossed for Rs. 66.3 million and its shares traded at Rs. 85, DFCC Bank’s 990,000 shares crossed for Rs. 65.6 million, its shares traded at Rs. 66.50 and Dialog two million shares crossed for Rs. 24.8 million, its shares trading at Rs. 12.40.

In the retail trade, top five contributors to the turnover were, Browns Investment Rs. 618 million (205 million shares traded), JKH Rs. 484 million (3.2 million shares traded), Royal Ceramic Rs. 200 million (1.3 million shares traded), HNB Rs. 147.3 million (1.12 million shares traded) and Expolanka Rs. 142.7 million (5.7 million shares traded). During the day 326.2 million share volumes changed hands in 32774 transactions. Further,  162 companies were positive and 78 companies were negative during the day. It is said that banking and manufacturing sector companies were active in the market.