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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Stock Market gathers more momentum

Stock Market gathers more momentum

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samaritan

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Stock Market gathers more momentum GettyImages-499170981-20e252a7742340ab9b03118f93e8d58c



  • ASPI reaches the highest level since May 2018 as CSE completes 10 consecutive sessions of gains



The Colombo Stock Market gathered more momentum yesterday with the benchmark index reaching its highest level in two and half years, in addition to notching its 10th consecutive gain and higher turnover of over Rs. 3 billion.

The All Share Price Index (ASPI) shot up by 76 points (1.2%) to close at 6,473.76, a level last seen only in May 2018 according to NDB Securities. The S&P SL20 index gained by 48 points or 1.9%. Turnover was an above average Rs. 3.2 billion.

“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,” First Capital said. 

Banking counters led the turnover for the session, closely followed by the Capital Goods sector making a joint contribution of 42%. Moreover, parcel trades boosted the turnover for the session amounting to 12%. 

First Capital also said the market recorded the highest net foreign outflow of Rs. 323 million after nearly four weeks, while recording low participation.

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

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Hatton National Bank (HNB), Sri Lanka Telecom (SLT) and Asian Hotels and Properties.

It said high net worth and institutional investor participation was noted in National Development Bank (NDB), John Keells Holdings (JKH) and Access Engineering. Mixed interest was observed in CIC Holdings, Teejay Lanka and Aitken Spence, whilst retail interest was noted in Expolanka Holdings, Browns Investments and HNB Assurance. 

The Banking sector was the top contributor to the market turnover (due to NDB), whilst the sector index gained 2.77%. The share price of NDB increased by Rs. 2.40 (3.08%), closing at Rs. 80.20, whilst foreign holdings decreased by 2,911,345 shares.

Capital Goods sector was the second highest contributor to the market turnover (due to JKH), whilst the sector index increased by 0.62%. The share price of JKH gained Rs. 1.20 (0.80%), to close at Rs. 151.20. 

Expolanka Holdings, CIC Holdings and Teejay Lanka were also included amongst the top turnover contributors. The share price of Expolanka Holdings moved down by Rs. 0.50 (1.95%), to close at Rs. 25.20. The share price of CIC Holdings recorded a gain of Rs. 10.40 (6.30%), to close at Rs 175.40. The share price of Teejay Lanka appreciated by Rs. 2.30 (6.22%), to close at Rs. 39.30.

Cargills announced an interim dividend of Rs. 1.90 per share, whilst E.B. Creasy and Company announced its first and final dividend of Rs. 18.00 per share.


http://www.ft.lk/front-page/Stock-market-gathers-more-momentum/44-709885


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Post Tue Dec 08, 2020 9:46 am by Kipling

Samaritan 
Given yesterday performance do you think we will break 7000 before end December.

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Post Tue Dec 08, 2020 10:58 am by samaritan

@Kipling wrote:Samaritan 
Given yesterday performance do you think we will break 7000 before end December.
Of course, Yes!

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