CSE’s market capitalization closes in Rs.4 trn mark after record-breaking week

Despite a Central Bank policy rate cut and an ailing economy largely due to the fast-spreading COVID-19 pandemic, the Colombo Stock Exchange’s (CSE) market capitalization nearly touched the Rs.4 trillion mark last week amid markedly increased local investor activity, though foreigners continued to exit the market as net sellers. 

The benchmark All Share Price Index (ASPI) increased by 8.39 percent or 691.27 points to close at a new all-time high of 8,931.33 points before touching the 9, 000-point mark during the intra-day trading on Friday for the first time in CSE’s history. 

The more liquid S&P SL20 Index rose by 9.62 percent or 293.61 points to close at 3,345.25 points, according to Acuity Stockbrokers’ weekly market report.

The overall market turnover for the week topped Rs.55 billion, up 160 percent over the previous week. 

Meanwhile, during the week, market capitalization rose by 8.51 percent or Rs.312.09 billion to Rs. Rs.3.97 trillion.
Expolanka, Browns Investment, Hayleys, LOLC Holdings and LOLC Finance stocks accounted for over half of the turnover during the week. Expolanka contributed for nearly 29 percent of the weekly turnover, 

while its price per  share rose by 48.5 percent to Rs.149.30. In addition, Browns Investments and Hayleys accounted for 11.2 percent and 8.9 percent of the weekly turnover. Diversified Financials was the best performing sector with 15.07 percent weekly gain on overall share prices, while consumer durables & apparel was least performing sector with only 3.26 percent weekly gain in share prices. 

However, foreigners remained net sellers during the week as foreign selling rose by 7.5 percent to Rs.1.08 billion while foreign purchases recorded 26.16 percent reduction falling below the Rs.500 million mark compared to the previous week.