Market turnover tops Rs.5bn for second consecutive day

• Brokers say increased participation of HNIs, institutions and retailers
• Foreign sales surpass Rs.800mn

The turnover at the Colombo Stock Exchange crossed the Rs.5 billion mark yesterday for the second consecutive day, amid increased high-net-worth, institutional and retail activity, although foreign participation continued to remain subdued.

The day’s turnover topped Rs.5.5 billion, which is a 9.3 percent increase from Tuesday’s turnover of Rs.5.03 billion—highest recorded since January this year.

The indices closed in green as opposed to Tuesday, as the All Share Price Index (ASPI) increased by 1.50 percent or 87.16 points to close at 5,890.13 points, while the S&P SL20 Index gained 1.87 percent or 43.02 points to close
at 2,346.83.

According to NDB Securities, the price gains in counters such as Hayleys, Commercial Bank and Carson Cumberbatch were the key reason for the rise of indices.

“High-net-worth and institutional investor participation was noted in John Keells Holdings, Piramal Glass Ceylon and Vallibel Power Erathna. Mixed interest was observed in Panasian Power and Expolanka Holdings whilst retail interest was noted in Sierra Cables, Alumex and Tokyo Cement Company non-voting,” NDB Securities said.

Panasian Power, Piramal Glass, Sierra Cables, Vallibel Power, Expolanka, Browns Investments, Renuka Agri, R I L Properties, Alumex Limited, Asia Siyaka, Raigam Wayamba Salterns and John Keells Holdings, were among the heavily traded counters yesterday.

The biggest three contributors to the day’s turnover were: John Keells Holdings (Rs.713 million), Piramal Glass (Rs.569.9 million) and Panasian Power (Rs.473.7 million).

Foreigners ended up as net sellers yesterday, as net foreign sales amounted to Rs.810 million. Year-to-date foreign sales have now exceeded Rs.42 billion.

SC Securities said foreigners purchased Tokyo Cement, Vallibel Power, Hemas, Sampath Bank and Panasian Power while they sold John Keells Holdings, Tokyo Cement, Dipped Products, Piramal Glass and Haycarb.