ECONOMYNEXT – Sri Lanka stocks ended 0.75 percent stronger on Monday, despite a drop in mid-morning trade due to selling pressure, brokers said.
“There was a strong upward trend in the first few hours but after the initial spike we saw selling pressure pushing the indices down,” Dimantha Mathew, Chief Research and Strategy Officer at First Capital Holdings PLC, told EconomyNext.
The Colombo All Share Price Index surpassed the psychological 17,000 mark as buying interest came back into the market.
“After mid-day, buying interest was so strong, market recovered.”
The broader ASPI closed up 0.75 percent or 126.81 points at 17,044.67; while the more liquid S&P SL20 Index closed down 0.60 percent or 30.44 points at 5,150.61.
Positive financial statements of listed companies in the latter quarter of 2024 have drown investor interest to the stock market.
“Quarterly results of the companies have been released. Results are quite positive. This has affected the market. ”
Alumex closed up 7.4 percent at 15.90, Softlogic Holdings ended 2.9 percent stronger at 7.20 and Hayleys Leisure was up 0.6 percent at 33.00.
Turnover was 5.9 billion rupees, while the share volume fell 24 percent to 196,505,567.
“There is interest in the power and energy sector,” Mathew said.
Laugh Gas ended 1.5 percent at 34.00 and Lanka IOC up 15.7 percent at 142.25
Continued investor interest in capital goods (1.4 billion rupees) and banking (1 billion rupees) stocks was recorded.
Hemas Holdings closed up 1.3 percent at 115.25, Royal Ceramics Lanka was up 1.0 percent at 42.50 and DFCC Bank ended 0.4 percent stronger at 130.00.
Top contributors to the ASPI were Melstacorp (ended 7.2 percent stronger at 137.25), Lanka IOC (rose 15.7 percent at 142.25), Bukit Darah (up 16.3 percent at 698.25), HNB (closed up 1.7 percent at 350.25) and Carson Cumberbatch (up 8.2 percent at 424.50).
Most active volumes were seen in John Keells at 38,045,582 (turnover 877,443,815.60 rupees), Browns Investments at 23,258,067 (turnover 201,429,503.10 rupees), Alumex at 13,131,246 (turnover 203,874,676.00 rupees) and Hela Apparel Holdings at 8,530,563 (turnover 50,821,535.80 rupees).
There was a net domestic inflow of 492 million for the session.
Continuing the downward trend, a net foreign outflow of 492 million rupees for the day was recorded. (Colombo/Jan27/2025)
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