Stock market continues ascent on higher Dec. quarter earnings expectations

• ASPI reaches new all-time high; S&P SL20 surpasses 3,500-point mark
• Record for highest number of trades in a single day renewed; turnover flirts with Rs.15bn

The Colombo bourse continued its climb unfettered yesterday too, with the benchmark index reaching a new all-time high and market turnover flirting with Rs.15 billion.

The All Share Price Index (ASPI) gained 231 points or 2.73 percent to close at a new all-time high of 8,694 points while more liquid S&P SL20 index surpassed 3,500 points since June 18, 2018, after gaining 188 points or 5.69 percent. 

The turnover for the day was Rs.14.99 billion with the market renewing the record for the highest number of trades carried out for a single day. The CSE yesterday saw 69,332 trades, which surpassed the previous highest future recorded on January 22. The cumulative turnover for this year so far tops whopping Rs.146 billion, with an average daily turnover of Rs.9.7 billion.

The stockbrokers said the market is expecting significantly improved December quarter interim results, particularly from the manufacturing and consumer goods sector companies. 

However, despite the local investor bullishness, foreigners continued as net sellers yesterday also. The year-to-date net foreign outflow as of yesterday stood at Rs.4.6 billion.

NDB Securities said the price gains in counters such as John Keells Holdings, LOLC Holdings and Expolanka contributed to the ASPI gain yesterday, while high-net-worth and institutional investor participation was noted in Teejay Lanka, Hatton National Bank nonvoting and Commercial Bank. Mixed interest was observed in John Keells Holdings, Melstacorp and Hayleys, while  retail interest was noted in Expolanka Holdings, Dipped Products and Industrial Asphalts.