The Colombo stock market enjoyed a high growth week thanks to investors sustaining their bullish sentiments amidst healthy turnover.
The benchmark ASPI gained 290.8 points (2.6%) and the active S&P SL20 gained 97.8 points (3.1%). The daily turnover averaged Rs. 1.7 billion.
In the previous week the ASPI and the S&P SL20 gained 3.3% and 3.6% respectively whilst turnover averaged Rs. 2 billion.
Asia Securities said on Friday, the market ended on a strong note as the indices remained in the green for the 10th straight session notwithstanding minor profit-taking in LOLC group stocks.
MGT saw increased buying activity during the session, leading to a 4.2% gain. Meanwhile, SCAP (+4.3%), AAIC (+4.0%), and CICX (+3.6%) saw renewed buying interest.
MELS (+9 points) came in as the major driver of the ASPI for the day, followed by JKH (+5 points), and NDB (+4 points). Conversely, SPEN (-11 points), CTC (-6 points), and LOLC (-6 points) exerted downward pressure on the indices. The breadth of the market remained strong with 102 price gainers and 75 losses.
Turnover amounted to Rs. 1.6 billion led by MGT (Rs. 134 million), LIOC (Rs. 131 million), and HHL (Rs. 104 million).
Foreigners reverted to net selling amounting to Rs. 17.7 million. Net foreign buying topped in SAMP.N at Rs. 17.7 million and selling topped in HHL at Rs. 40.2 million.
First Capital said the bourse witnessed another day of bullish charge, extending its positive trend for the 10th consecutive session, as investor confidence continued to strengthen gradually throughout the day, particularly in banking and blue-chip stocks. The ASPI concluded the session under the green flag at 11,337, marking a gain of 19 points, with an intra-day high of 11,358. This upward movement was fuelled by active retail participation, notably in blue-chip counters including MELS, JKH, and HHL. Additionally, MGT emerged as one of the top contributors to the index and recorded the highest turnover for the day. Notably, sectors such as Capital Goods, Materials, Banking, and Food, Beverage and Tobacco collectively accounted for 57% of the total turnover during the trading session.
NDB Securities said high net worth and institutional investor participation was noted in Richard Pieris & Company, Distilleries and Union Chemicals Lanka. Mixed interest was observed in Hayleys Fabric, Lanka IOC and Hemas Holdings whilst retail interest was noted in Softlogic Capital, Browns Investments and Marawila Resorts.
The Capital Goods sector was the top contributor to the market turnover (due to Hemas Holdings) whilst the sector index gained 0.32%. The share price of Hemas Holdings moved up by 50 cents to Rs. 80.50.
The Materials sector was the second highest contributor to the market turnover whilst the sector index increased by 0.77%. Hayleys Fabric, Lanka IOC, Sampath Bank and Softlogic Capital were also included amongst the top turnover contributors. The share price of Hayleys Fabric increased by Rs. 1.80 to Rs. 44.30. The share price of Lanka IOC gained Rs. 1.25 to Rs. 115.50. The share price of Sampath Bank recorded a gain of 10 cents to Rs. 78. The share price of Softlogic Capital appreciated by 30 cents to Rs. 7.20.
FT